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Banca Ifis PRESS RELEASE FIRST NINE MONTHS OF 2021 Banca Ifis : net profit of 80,2 million Euro in the first 9 months Bank revises year - end guidance upwards In the first nine months of the year , the Bank's revenues recorded double digit growth , reaching 449.2 million Euro : an all - time high , net of the PPA , as a result of strong growth in business in the commercial portfolio and excellent performances in the Npl Segment . Profits up significantly , despite further prudent provisions to absorb the expiry of government support measures at the end of the year . In the quarter , year - on - year record of cash recoveries of Npl portfolios purchased , which almost eliminates the less favourable seasonality of the third quarter . Annual target of purchasing 3 billion Euro of Npl portfolios achieved . The digitisation programme continues and , by joining the Net - Zero Banking Alliance , the Bank further reinforces its commitment to contribute concretely to a more sustainable and inclusive future . 2021 guidance For 2021 , Banca Ifis raises estimates and expects to achieve a net profit between 90 and 100 million Euro ( the target communicated on 5 August 2021 was between 80 and 90 million Euro ) and revenues between 570 and 590 million Euro ( the guidance communicated on 5 August 2021 was between 540 and 560 million Euro ) . The guidance was prepared on the assumption of gradual improvement in the scenario , no macroeconomic or pandemic- related shocks and continued support from Governments and central banks for the economic recovery . Results for the first nine months of 2021 Reclassified data¹ - 1 January 2021/30 September 2021 • Net interest and other banking income rose to 449,2 million Euro ( + 39,6 % compared to 321,7 million Euro at 30.09.2020 ) , benefiting from both the improved performance of the Npl Segment and the dynamism of the Commercial and Corporate Banking Segment . • Operating costs come to 267,6 million Euro ( + 16.6 % on 30.09.2020 ) due to higher variable costs linked to the legal business of the Npl Segment , the entrance of Farbanca and the former Aigis Banca business unit into the scope of consolidation and ICT projects . • The net profit attributable to the Parent Company of 80,2 million Euro recorded double - digit growth ( + 53,2 % ) compared to 52,3 million Euro in the same period of 2020. Excluding the PPA and the extraordinary gain of 24,2 million Euro from the sale of the property in Corso Venezia in Milan in 2020 , the result was five times that of 2020 . • The Cost of credit of 62,4 million Euro , of which 19,8 million Euro in the third quarter alone . The figure for the last quarter includes additional provisions of a further 8,1 million Euro in the Npl portfolio due to the long - term effects of Covid - 19 and 5 million Euro for concentration risk on positions in the Corporate Banking & Lending Area . • Solid liquidity position : approximately 1,8 billion Euro at 30 September 2021 in reserves and free assets that can be financed by the ECB ( LCR above 1.500 % ) Capital requirements with the consolidation within La Scogliera CET1 up to 11,68 % ( 11,29 % at 31 December 2020 ) with respect to an SREP requirement of 8,12 % ; TCR : 15,35 % ( 14,85 % at 31 December 2020 ) with respect to an SREP requirement of 12,5 % . These results are calculated without including the profits generated by the Banking Group during the first nine months of 2021 . Capital requirements without the consolidation within La Scogliera² CET1 : 16,24 % ( 15,47 % at 31 December , 2020 ) ; TCR : 20,77 % ( 19,87 % at 31 December 2020 ) . These results are calculated without including the profits generated by the Banking Group during the first nine months of 2021 . 1 In the following statements , net impairment losses / reversals on receivables of the Npl Segment were reclassified to interest receivable and similar income to the extent to which they represent the operations of this business and are an integral part of the return on the investment . For this reason too , apart from the specific operations , the effects of an analysis performed also in response to the Covid - 19 pandemic , have been classified amongst value adjustments . 2 Consolidated own funds , risk - weighted assets and solvency ratios at 30 September 2021 were calculated based on the regulatory principles set out in Directive no . 2013 / 36 / EU ( CRD IV ) and Regulation ( EU ) no . 575/2013 ( CRR ) of 26 June 2013 , as updated and amended over time and transposed , where applicable , in the Bank of Italy's Circulars no . 285 and no . 286 of 17 December 2013. In particular , the CRR provides for the prudential consolidation of Banca Ifis in the holding La Scogliera . For the sake of disclosure , we calculated the same indicators without including the effects of the consolidation within La Scogliera . Therefore , the reported total own funds refer only to the scope of the Banca Ifis Banking Group , as defined in accordance with Italian Legislative Decree no . 385/93 , thus excluding the effects of the prudential consolidation within the parent company La Scogliera S.p.A. 1