illimity Bank (MIL: ILTY) has reported its financial and operating reports for second-quarter 2021. Highlights of the report include a more than 18% increase in net profit over first-quarter numbers; the company’s net profit totaled 14.9 million euro, bringing the 2021 total for the first two quarters of the year to 27.4 million, an 85% increase over last year’s numbers from the same period. In addition, the company reported growth in volumes, significant profits from dynamic management of distressed credit and improvements in operating leverage driving the results. The company also confirmed its 2021–25 strategic plan targets. “We are very pleased with the results delivered, which confirm the trajectory of reaching the targets for the short and medium-long term set in the strategic plan presented in June,” said Illimity founder and CEO Corrado Passera in the press release. “All the growth drivers included in the plan are moving in the right direction: the increase in loan and investment activity, the quality of our portfolios, the scale effect that is becoming increasingly visible and the first sizeable contributions coming from the initiatives launched during 2021. In the quarter just ended and in July, we also laid real operating foundations for the development of the initiatives related to the launch of B-ILTY, an innovative digital bank designed for small corporates, and we are finalizing activities for the launch of the New HYPE.”
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About illimity Bank S.p.A.
illimity is the high-tech banking group founded and headed by Corrado Passera that was created with the aim of responding to specific market needs by way of an innovative and specialist business model. More specifically, illimity extends financing to high-potential SMEs (“SMEs”); purchases distressed corporate loans and services through its platform, neprix; provides digital direct-banking services through illimitybank.com; and with illimity SGR plans on setting up and managing the first Alternative Investment Fund for corporate loans in the coming months. The story of the illimity Group began in January 2018 with the launch of the special purpose acquisition company SPAXS S.p.A., which ended with a record 600 million euro being raised on the market. SPAXS subsequently acquired Banca Interprovinciale S.p.A., with the resulting merger between the two, giving rise to illimity Bank S.p.A., which has been listed on the Italian Stock Exchange since 5 March 2019, firstly on the MTA platform and since September 2020 on the Star segment. The banking group, headquartered in Milan, can already count on over 600 employees and lists assets of more than 4 billion euro in its balance sheet at the end of 2020. For more information about the company, please visit www.illimity.com.
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