Earnings Release • Aug 6, 2021
Earnings Release
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PRESS RELEASE
Today the Board approved the 1H 2021 consolidated financial results.
Milan, 6 th August 2021 – Today the Board of Directors of BFF Bank S.p.A. ("BFF" or the "Bank") approved the first half-year 2021 consolidated financial accounts, following the acquisition and merger by incorporation of DEPObank – Banca Depositaria Italiana S.p.A. ("DEPObank") into BFF, with accounting and fiscal consolidation effective on 1 st March 2021.
Therefore, the 1H21 reported consolidated Profit and Loss includes DEPObank for the whole month of March 2021 and the whole second quarter 20212 .
The 1H21 adjusted consolidated Profit and Loss includes DEPObank from 1st January 2021, and is consequently adjusted for one-offs, discontinued operations, other not recurring items, and the badwill (see footnote 3 for details).
1 Including DEPObank from 1stJanuary 2021
2 Purchase Price Allocation has not been completed yet, and the badwill resulting from DEPObank acquisition could change at completion.
1H21 Consolidated adjusted gross banking income was €149.3m in 1H21, of which €70.7m coming from Factoring & Lending, €27m from Securities Services and €29.4m from Payments. Interest expenses adjusted were equal to €23.5m, and total adjusted operating expenditures (including D&A) €92.2m, with adjusted loan loss provisions and provisions for risks and charges of €3.0m, resulting in an Adjusted Profit before Tax of €60.0m and Adjusted Net Profit at €46.6m (-1% YoY).
1H21 Reported Net Income was €210.3m including "gross" badwill (see note 2) and the extraordinary impacts deriving from DEPObank acquisition.
Employees at Group level were 867 at the end 1H21 (898 at the end of 1H20, of which 369 in the Factoring, Lending & Credit Management business unit(365 in 1H20), 177 in Securities Services(175 in 1H20), 49 in Payments (49 in 1H20), and 272 in the Corporate Center (staff, control functions, finance & administration, technology and processes improvement, 309 in 1H20).
Net Interest Income decreased to €89.0m in 1H21, impacted by lower loans' portfolio primarily due to faster collections during 2020 and throughout 1H21. NetInterest Income/RWAs4 was 8.3% vs. 6.2% in 1H20, positively impacted by 20% risk-weight applied to in bonis receivables towards Public Administration with less than 3 months duration from 31-Dec-2020.
3 Adjusted P&L numbers exclude €163.7m after taxes in 1H21 vs. €(9.6)m after taxes in 1H20. Positive impacts:
•€161.1m after taxes (€159.9m before taxes) in 1H21 related to badwill and transaction & restructuring costs; •€23.7m of goodwill tax step-up in 1H21.
Negative impacts:
•€9.5m after taxes (€13.4m before taxes) of Liability Management one-off costs in 1H21;
•€5.1m of two months of ex-DEPObank's non-consolidated adjusted result in 1H21 vs. €6.9m in 1H20;
•€2.2m after taxes (€3.1m before taxes) costs in 1H21 (€1.1m after taxes and €1.5m before taxes in 1H20) related to the Stock Option Plan 2016 and the Stock Option Plan 2020. This item generates a positive equity reserve, with therefore no impact on Group's equity;
•€2.0m after taxes (€2.8m before taxes) in 1H21 (€0.5m after taxes and €0.7m before taxes in 1H20) of contribution to the Extraordinary Resolution Fund;
•€1.7m after taxes (€2.3m before taxes) in 1H21 for ex-DEPObank's customer contract amortisation;
•€0.6m after taxes (€0.9m before taxes) in 1H21 (positive impact of €2.7m after taxes and €3.9m before taxes in 1H20), due to the change in PLN/€ exchange rate on the acquisition loan for the purchase of BFF Polska Group, which is offset by a positive change in equity reserve (included in the capital ratios), reflecting the natural hedging between these two balance sheet items;
•€2.5m after taxes (€3.5m before taxes) M&A costs in 1H20;
•€1.3m of current taxation charges arising from the one-off 2019 dividends distribution by the subsidiaries to the Parent Company BFF in 1H20.
4 End of the period RWAs. The 1H21 ratio benefits from the reduction of the RWAs in 4Q 2020, due to the application of the 20% risk-weighting (ex art. 116 CRR) from 31-Dec-2020.
High liquidity positively impacted collections of LPIs (€29m vs. €20m in 1H20), mainly in Spain; net LPIs over-recovery was higher vs. 1H20, despite strong collections on newest invoices, while the older outstanding generates rescheduling. The stock of unrecognized off-balance sheet LPIs (the stock of LPIs accrued, but that has not been collected and has not gone through the P&L yet), continued to grow, despite higher collections of LPIs vs. 1H20, increasing to €418m at the end of Jun-21. The total LPIs stock amounted to €701m before taxes (vs. €678m as of 30/06/2020). All LPIs over-recoveries are accounted when cash-collected, and there is no sale of LPIs to third parties.
Interest expenses decreased to €24.5m in 1H21 vs. €38.7m in 1H20, mainly driven by a smaller loan portfolio. The gross yield on average loans declined at 5.0% vs. 5.7% in 1H20, mainly due to a different ageing mix.
Recovery of credit collection costs are accounted on a cash basis in Other Operating Income (P&L item "230"), which was stable at €3.2m in 1H21.
Net Revenues decreased by -9.9% YoY.
Annualised Operating Costs/Average Loans ratio of the BU remained stable at 1.0%, despite the reduction of loans' portfolio.
Profit Before Taxes decreased by 8.8% YoY.
High liquidity accelerated the collection of newest invoices, and at the end of Jun-21 Net Customer Loans were €3,359m, -11% YoY to compared to €3,789m at the end of 1H20, but was flat QoQ, stabilizing the declining YoY trend. The loan book strongly increased in Portugal by +86% YoY, in Greece by +47% YoY, supported by higher loans and in Central-Eastern Europe (€948m, +8% YoY). Italy loan portfolio decreased by 22% YoY, with the factoring market flat 5 2019-20, still suffering from high liquidity with limited new customers' appetite and fast payment of current invoices. In Spain the loan book decreased by 30% YoY, the Government allocated c. €12bn in 1Q21 and €4bn in 2Q21 to the Autonomous Communities6 to accelerate payments.
Geographic diversification partially offset the negative performance of the domestic market; international markets (Spain, Portugal, Poland, Slovakia, Czech Republic, Greece, Croatia, and France) represented 46% of total loans at the end of 1H21, up from 39% at the end of 1H20.
BFF recorded overall New Business Volume of €2,468m, -3% YoY, mainly driven by lower volume in Italy and Spain (-6% YoY) and Poland (-11% YoY). Portugal and Greece were up by 83% and 34% YoY respectively.
5 Advances to customers in Italy as of 30th June 2021; source: preliminary data by Assifact.
6 Source: Ministerio De Hacienda, Sistemas de Financiación y Deuda Pública.
At the end of Jun-21 Depositary Bank's Assets under Depositary (AuD) increased at €80.5bn (+15% YoY), vs. €76bn at YE20 and €70.1bn at the end of Jun-20, thanks to positive market performance vs. 1H20 impacted by Covid-19, customer inflows and new business development initiatives. Deposits from customers amounted to €6.4bn at 8.0% on total AuD (vs. €7.4bn at 9.5% of AuD at the end of 1Q21), expected to normalize thanks to customer deposit repricing from June 2021.
Global Custody's Assets under Custody (AuC) increased by 19% YoY to €168.4bn thanks to (i) depositary bank higher assets (mainly deriving from M&A activity of an existing client), and (ii) market performance7 .
In 1H21 Net Fee and Commission Income of the Securities Services business unit grew by 9% YoY at €22.2m, driven by higher AuD, operating costs slightly increased by 2% (always in connection with higher AuD) and Profit Before Taxes was up by 11% YoY.
At the end of Jun-21 deposits amounted to €2.1bn vs. €2.2bn in 1H20. Transactions of transfer and collections increased by 10% YoY at #150m, thanks to positive performance of SEPA bank transfers.
Card settlement transactions were stable at #86m compared to 1H20, but still 20% lower than 1H19, due to exposure to the retail and travel business.
Checks and receivables transactions declined at market trends, but with commissions resilient at €2.0m (vs. €2.3m in 1H19 and 1H20), thanks to introduction at YE20 of fixed fees along with variable commissions.
Corporate Payments transactions were up by 7% YoY at #28m, mainly due to positive performance of Italian Social Security pensions payments.
Net Fee and Commission Income grew by €2.1m (+11% YoY), thanks to rebound of transfer and collections services, with card settlement not back yet to pre Covid-19 volumes.
Cost/Income ratio significant decreased at 54% in 1H21 vs. 66% in 1H20.
Profit Before Taxes significantly raised by 72% vs. 1H20, driven by economy recovery after the slowdown due to Covid-19 pandemic.
7 AuC is impacted by market performance only on the equity component vs. AuD, which is impacted in all its components due to the periodic NAV calculation.
The Corporate Center comprises all the revenues and costs not directly allocated to the business units, and the treasury margin. 1H21 lower net interest income YoY primarily due to:
Some initiatives were executed to drive performance (see also following sections):
Funding synergies reached 2023 target on a run-rate basis starting from 1st July 2021.
With regards to OPEX synergies, initiatives for €17.2m synergies have already locked-in from 31 st December 2021 on a run-rate basis.
At the end of 1H21 only around 66% of transactions & integration costs (€23m out of €35m) were already expensed or committed costs.
As of 30/06/2021 the consolidated Balance Sheet was smaller vs. 31/03/2021 by €2.5bn (-18% QoQ), following the reduction of liquidity in ECB (cash down by €2.5bn QoQ) and repricing of deposits from Transaction services (down by €0.96bn).
After the merger of DEPObank, the following BFF's funding was partially or totally paid down, including:
The Group maintained a strong liquidity position, with a 313.6% Liquidity Coverage Ratio (LCR) as of 30/06/2021. The Net Stable Funding Ratio (NSFR) and the leverage ratio, at the same date, were equal to 236.5% and 4.0% respectively. From 2Q21 the NSFR is positively impacted by the
new regulation, which establishes more favourable weighting factors for the assets and liabilities related to factoring activities.
At the end of Jun-21 the Government bond portfolio was equal to €5,144m HTC bonds vs. €5,782m for BFF & DEPObank combined at the end of Jun-20. As of 30/06/2021 the mark-tomarket of the HTC portfolio was positive for €41m after taxes (not recognised neither in the P&L nor in the balance sheet). At the end of 1H21, the duration of the HTC portfolio was 29.8 months.
The Group continues to benefit from a very low exposure towards the private sector, with prudent provisioning and negligible credit risk. Net NPLs excluding Italian Municipalities in conservatorship were €6.2m, at 0.2% of net loans (2.1% including Italian Municipalities in conservatorship), with a 74% Coverage ratio. CET1 was not negatively impacted by calendar provisioning.
The excellent asset quality is confirmed, with an annualised Cost of Risk of zero basis points in 1H21 (vs. 7.6bps at YE20 and 2.6bps in 1H20 of BFF stand-alone), due to portfolio contraction and IFRS 9 release.
The increase in total net NPLs from €66.8m at YE20 (BFF stand-alone) to €74.5m at end of 1H21 was driven by the growing exposure towards the Italian Municipalities in conservatorship ("Comuni in dissesto"), from €64.0m (YE20) to €68.2m (1H21), and by "other NPL" which increased at €6.2m (vs. €2.8m at YE20 of BFF stand-alone) due to a change of classification to NPL from UTP of an exposure fully guaranteed in Poland. The Italian Municipalities in conservatorship are exposures classified as NPLs by regulation, despite BFF is legally entitled to receive 100% of the principal and LPIs at the end of the process.
Past Due under "New Definition of Default" regulation decreased significantly: at the end of 1H21 net Past Due amounted to €2.1m compared to €42.1m and €48.9m at the end of Dec-20 and Jun-20 respectively.
Net impaired assets (non-performing, unlikely to pay and past due) were €90.9m as of 30/06/2021 (€124.6m at YE20 and €130.5m as of 30/06/2020), 76% of which were towards public sector.
The Group maintains a strong capital position with a CET1 ratio of 18.6% (vs. a SREP of 7.85%), and a Total Capital ratio of 23.0% (well above the Company's Total capital ratio target of 15%, and above a SREP of 12.05%), with €177m of capital in excess of 15% Total Capital ratio target post DEPObank acquisition.
8 1H21 ratios are calculated with 20% risk-weighting factor (ex art. 116 CRR) applied as of 31-Dec-2020.
Both ratios exclude c. €212m of accrued dividends (€165.3m of 2019-20 accrued dividend and €46.6 of 1H21 Adjusted Net Income). Including such dividends, CET1 ratio and Total Capital ratio would be 28.2% and 32.6% respectively.
BFF did not to apply any of the ECB/EBA emergency measure or the European Commission's banking package for COVID-19.
Risk-Weighted Assets (RWAs) calculation is based on the Basel Standard Model, and on 31st December 2020 BFF has aligned its approach to the one already used by its competitors, applying a 20% risk-weight for public exposures lower than 90 days, towards other public administration different from local and central government9 . This allowed BFF to decouple the portfolio's riskweightings from sovereign ratings. As of 30/06/2021 RWAs were €2.2bn (vs. €1.6bn at YE20 of BFF stand-alone), with a density 10 of 43%, vs. 39% at YE20 and 58% as of 30/06/2020.
***
On 23rd July and 27th July 2021, respectively, the European Central Bank and the Bank of Italy indicated that they did not intend to renew beyond 30th September 2021 their recommendations on dividend ban. BFF has therefore initiated a moment of dialogue with the Bank of Italy, in order to submit to the Shareholders' Meeting, expected to be called in October 2021, a proposal for the distribution of accrued dividends. The adjusted profit of the financial year 2021 will be distributed following the resolution of the 2022 Annual General Meeting, usually called at the end of March/early April of each year. The Oct-21 Shareholders' Meeting is expected to be called in late Aug-21, to approve a resolution on some changes of the Articles of Association, modified to be compliant with new regulations and Corporate Governance Code.
• On 16 th July BFF's share capital was increased by Euro 47,270.30, through the issuance of 61,390 new BFF ordinary shares, as a result of a share capital increase free of charge over the period between 16th June 2021 and 14th July 2021. Total number of shares therefore are equal to #185,243,287. New shares were assigned to BFF Group's employees in relation to the "Management by Objective" incentive system and the Stock Option Plan 2016.
The number of the treasury shares held by the BFF as of 30th June 2021 is equal to 279,294, 15% of the share capital.
With reference to the Stock Option Plan 2016, which provided for the assignment of a total number of 8,960,000 options by 31st December 2019, the number of options assigned and not
9 Under the new rules of "New DoD", as of 31-Dec-2020 BFF's in bonis receivables portfolio with less than 3 months duration is risk-weighted at 20%, vs., for instance, the previous 100% in Italy, 100% in Portugal and 50% in Slovakia for NHS.
10 Calculated as RWAs/Total assets excluding HTC and Cash and Cash Balances.
exercised as of 17th July 2017, the most recent date of the notice of change of share capital, amounts to 2,827,350, of which 1,858,350 are vested and exercisable options.
With reference to the "2020 Stock Option Plan", which provides for the assignment of a total number of 8,960,000 options by 31st December 2023, the number of options assigned and not vested yet is equal to 6,370,000.
***
The Financial Reporting Officer, Carlo Zanni, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance ("Testo Unico della Finanza"), that the accounting information contained in this press release corresponds to the document results, accounting books and records of the Company.
***
1H2021 results will be presented today at 14:30 CEST (13:30 WEST) during a conference call, that can be followed after registering at this link. The invitation is published in the Investors > Results > Financial results section of BFF Group's website.
***
This press release is available on-line on BFF Group's website www.bff.com within the section: Investors > PR & Presentations.
BFF Banking Group is the largest independent specialty finance in Italy and a leading player in Europe, specialized forthe management and non-recourse factoring of trade receivables due from the Public Administrations, securities services, banking and corporate payments. The Group operates in Italy, Croatia, the Czech Republic, France, Greece, Poland, Portugal, Slovakia and Spain. BFF is listed on the Italian Stock Exchange. In 2020 it reported a consolidated Adjusted Net Profit of € 97.6 million, with a 18.6% Group CET1 ratio at the end of June 2021. www.bff.com
Contacts
Investor Relations Caterina Della Mora, Claudia Zolin [email protected] +39 02 49905 631 | +39 02 49905 620 | +39 335 1295 008
Media Relations Alessia Barrera, Gianluca Basciu [email protected] +39 02 49905 616 | +39 02 49905 623 | +39 340 3434 065
Iberia Mariana Sousa +351 210 164 760
Poland and Central Eastern Europe Ewelina Kolad +48 42 272 82 90
| 31/12/2020 | 30/06/2021 | |
|---|---|---|
| Assets | (BFF stand alone reported) |
|
| Cash and cash equivalents | 173,280,377 | 787,468,905 |
| Financial assets measured at fair value through profit or loss | - | 37,773,484 |
| a) financial assets held for trading | - | 4,372,347 |
| b) financial assets designated at fair value | - | - |
| c) other financial assets mandatorily measured at fair value | - | 33,401,136 |
| Financial assets measured at fair value through OCI | 163,924 | 83,560,769 |
| Financial assets measured at amortized cost | 5,780,579,449 | 9,626,630,794 |
| a) Due from banks | 31,078,082 | 911,643,848 |
| b) Due from customers | 5,749,501,367 | 8,714,986,946 |
| Hedging instruments | - | 4,174,790 |
| Equity investments | 87,944 | 13,209,320 |
| Property, plant, and equipment | 18,014,021 | 37,451,565 |
| Intangible assets | 36,675,140 | 135,679,445 |
| - of which: goodwill | 30,874,236 | 111,891,261 |
| Tax assets | 15,333,003 | 119,913,895 |
| a) current | 4,090,128 | 45,315,569 |
| b) deferred | 11,242,874 | 74,598,326 |
| Other assets | 27,179,709 | 193,148,626 |
| Total Assets | 6,051,313,567 | 11,039,011,594 |
| 31/12/2020 | 30/06/2021 | |
|---|---|---|
| Liabilities and Equity | (BFF stand alone reported) |
|
| Financial liabilities measured at amortized cost | 5,415,184,174 | 9,393,104,644 |
| a) deposits from banks | 1,034,654,607 | 926,160,029 |
| b) deposits from customers | 3,571,621,161 | 8,284,709,975 |
| c) securities issued | 808,908,406 | 182,234,640 |
| Financial Liabilities Held for Trading | - | 543,709 |
| Financial liabilities designated at fair value | - | - |
| Hedging derivatives | - | 657,801 |
| Tax liabilities | 83,697,710 | 106,956,722 |
| a) current | 5,824,367 | 5,683,063 |
| b) deferred | 77,873,344 | 101,273,659 |
| Other liabilities | 82,804,576 | 757,575,484 |
| Employee severance indemnities | 666,641 | 3,843,144 |
| Provisions for risks and charges: | 6,381,691 | 21,538,065 |
| a) guarantees provided and commitments | 527,436 | 219,350 |
| b) pension funds and similar obligations | 4,776,556 | 5,471,149 |
| c) other provisions | 1,077,699 | 15,847,566 |
| Valuation reserves | 1,456,095 | 6,319,724 |
| Reserves | 241,473,311 | 330,476,658 |
| Share premium | 693,106 | 66,442,541 |
| Share capital | 131,400,994 | 142,625,674 |
| Treasury shares | (3,517,312) | (1,392,207) |
| Minority interests | - | - |
| Profit for the year | 91,072,581 | 210,319,634 |
| Total Liabilities and Equity | 6,051,313,567 | 11,039,011,594 |
| 1H 2020 | 1H 2021 | |
|---|---|---|
| Profit & Loss items | (BFF stand | |
| alone reported) | ||
| Interest and similar income | 116,536,347 | 102,193,906 |
| Interest and similar expenses | (26,039,651) | (24,509,564) |
| Net interest income | 90,496,696 | 77,684,342 |
| Fee and commission income | 3,267,928 | 43,304,618 |
| Fee and commission expenses | (935,541) | (11,379,916) |
| Net fees and commissions | 2,332,387 | 31,924,702 |
| Dividend income and similar revenue | (0) | 3,671,395 |
| Gains (Losses) on trading | 3,955,929 | 2,678,391 |
| Fair value adjustments in hedge accounting | - | (1,847,826) |
| Gains (Losses) on disposals/repurchases of: | 77,390 | (12,662,994) |
| a) financial assets measured at amortized cost | - | (15) |
| b) financial assets measured at fair value through OCI | 21,389 | (13,109) |
| c) financial liabilities | 56,001 | (12,649,870) |
| Net income from other financial assets and liabilities at fair value | - | 992,786 |
| a) financial assets and liabilities designated at fair value | - | - |
| b) other financial assets compulsorily valued at fair value | - | 992,786 |
| Net banking income | 96,862,402 | 102,440,797 |
| Impairment losses/reversals on: | (2,329,201) | 249,275 |
| a) receivables and loans | (2,329,890) | 395,864 |
| b) available-for-sale financial assets | 689 | (146,589) |
| Net profit from banking activities | 94,533,201 | 102,690,071 |
| Net profit from financial and insurance activities | 94,533,201 | 102,690,071 |
| Administrative expenses: | (42,254,145) | (82,016,155) |
| a) personnel costs | (20,593,829) | (34,069,284) |
| b) other administrative expenses | (21,660,316) | (47,946,870) |
| Net provisions for risks and charges: | (186) | 1,690,817 |
| a) guarantees provided and commitments | (67,842) | 313,052 |
| b) pension funds and similar obligations | 67,656 | 1,377,765 |
| Net adjustments to/writebacks on property, plant, and equipment | (1,872,186) | (2,306,139) |
| Net adjustments to/writebacks on intangible assets | (1,034,530) | (4,234,187) |
| Other operating income/expenses | 2,966,580 | 175,221,995 |
| Operating expenses | (42,194,467) | 88,356,332 |
| Gains (Losses) on equity investments | - | 102,922 |
| Profit before tax from continuing operations | 52,338,734 | 191,149,326 |
| Income taxes on profit from continuing operations | (14,799,409) | 19,170,308 |
| Profit after taxes from continuing operations | 37,539,325 | 210,319,634 |
| Profit for the year | 37,539,325 | 210,319,634 |
| Profit for the year attributable to owners of the Parent Company | 37,539,325 | 210,319,634 |
| 30/06/2019 | 30/06/2020 | 31/12/2020 | 30/06/2021 | |
|---|---|---|---|---|
| Values in €m | (BFF stand alone and pre "New DoD") |
(BFF stand alone and pre "New DoD") |
(BFF stand alone and post "New DoD") |
(post "New DoD") |
| Credit and Counterparty Risk | 144.4 | 153.0 | 96.6 | 124.8 |
| Market Risk | - | - | - | 0.1 |
| Operational Risk | 29.6 | 32.5 | 32.6 | 51.9 |
| Total Capital Requirements | 174.1 | 185.4 | 129.3 | 176.8 |
| Risk Weighted Assets (RWAs) | 2,175.8 | 2,317.9 | 1,615.7 | 2,210.0 |
| CET 1 | 251.7 | 266.0 | 251.1 | 410.4 |
| Tier I | - | - | - | - |
| Tier II | 98.2 | 98.2 | 98.2 | 98.2 |
| Own Funds | 349.9 | 364.2 | 349.4 | 508.674 |
| CET 1 Capital ratio | 11.6% | 11.5% | 15.5% | 18.6% |
| Tier I Capital ratio | 11.6% | 11.5% | 15.5% | 18.6% |
| Total Capital ratio | 16.1% | 15.7% | 21.6% | 23.0% |
| 30/06/2021 (after 20% RW application) |
|||
|---|---|---|---|
| € 000 | Gross | Provisions | Net |
| Non-performing loans (NPLs) | 91,852 | (17,385) | 74,468 |
| Unlikely to pay | 18,750 | (4,431) | 14,319 |
| Past due | 2,149 | (51) | 2,097 |
| Total impaired assets | 112,751 | (21,867) | 90,884 |
| 31/12/2020 (after 20% RW application) |
|||
|---|---|---|---|
| € 000 | Gross | Provisions | Net |
| Non-performing loans (NPLs) | 81,582 | (14,761) | 66,821 |
| Unlikely to pay | 18,743 | (3,040) | 15,703 |
| Past due | 42,232 | (127) | 42,105 |
| Total impaired assets | 142,557 | (17,928) | 124,629 |
| 30/06/2020 (before 20% RW application) |
|||
|---|---|---|---|
| € 000 | Gross | Provisions | Net |
| Non-performing loans (NPLs) | 79,743 | (14,156) | 65,588 |
| Unlikely to pay | 18,350 | (2,283) | 16,067 |
| Past due | 49,915 | (1,048) | 48,868 |
| Total impaired assets | 148,008 | (17,487) | 130,522 |
| 30/06/2019 (before 20% RW application) |
|||
|---|---|---|---|
| € 000 | Gross | Provisions | Net |
| Non-performing loans (NPLs) | 57,016 | (11,805) | 45,211 |
| Unlikely to pay | 12,874 | (2,560) | 10,315 |
| Past due | 38,940 | (244) | 38,695 |
| Total impaired assets | 108,830 | (14,609) | 94,221 |
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