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Illimity posts €19.1 million net profit for Q3

Source: illimity

Chaired by Rosalba Casiraghi, the Board of Directors of illimity Bank S.p.A. (“illimity” or the “Bank”) yesterday approved the illimity Group’s results at 30 September 2022.

illimity continues its growth path in the third quarter of 2022 as well, with a solid financial performance and in line with budget forecasts, posting a net profit of 19.1 million euro (+21% q/q and 2% y/y), for a total of 50.6 million euro in the nine months of 2022, representing an increase of 10% over the corresponding period of 2021. Growth is expected to accelerate further in the fourth quarter of 2022, taking net profit for 2022 to at least 75 million euro with an ROE of ca. 10%. The expected results for the year include pre-tax losses of approximately 20 million euro arising from the launch of the initiatives b-ilty, Quimmo and Hype.

Corrado Passera, CEO and Founder of illimity, commented: “Growth continued with the results for the third quarter. These are solid and in line with our forecasts, despite the fact that the scenario in which we operate has undergone a profound change since when we originally approved the budget.

illimity has been able to continue along its planned growth trajectory which has enabled it to profitably affirm its various synergic core businesses on the market over a short period of time. The positive trend seen in 2022 will accelerate in the current quarter: October began with great momentum in terms of business origination and the advances in profitability dynamics will make it possible for us to end the year with a profit of at least 75 million euro, once again confirming our budget estimates.

This is a result of particular interest because it includes important investments for the future. The three technological initiatives - b-ilty, Quimmo and Hype - have a combined effect of approximately 20 million euro in pre-tax losses; we expect that this negative result will drastically fall starting from 2023 and that the three initiatives will contribute to consolidated profit from 2024, creating significant value for the Group.

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