1Q22 Results: a solid start confirming our Plan targets

May 11, 2022

Corrado Passera's editorial

CEO illimity

Today we presented our first quarterly results of our fourth year.

We started 2022 with very good results, in all respects:

• operating profit at 33.5 million euro in the first quarter of 2022, up 72% y/y and Net Profit at 15.7 million euro, up 25%;

• customer loans and investments to over 2.8 billion euro and total assets to 4.9 billion euro. The first quarter of this year was the first record quarter in our history;

• asset quality and capital base remain at excellent levels in the banking system: Organic NPE Ratio at 0.7% and CET1 Ratio at 17.7%.

These are just some of the results we achieved thanks to the contribution of all our Divisions and Business Lines: from growth credit (crossover and acquisition finance) to factoring, from restructuring credit to distressed credit.

During the first quarter of 2022, we launched two tech initiatives which, together with HYPE, will bring further growth and value:

• b-ilty, the first Digital Business Store for smaller enterprises, which is now completing its 'beta phase', calibrating the product offering and the operational machine;

• Quimmo, the digital real estate brokerage platform that marks our entry into the free real estate market.

All of this is possible thanks to our illimiters, who now number almost 800 and come from 300 organisations, 20 sectors and 25 different nationalities. Because innovation comes from combining diversities.

Another big news is the acquisition of AREC, one of the leading players in corporate UTP credit management with a focus on the real estate segment, which further strengthens us in the UTP segment, a very important sector for us and crucial for our country.

We therefore continue to confirm the targets of our Strategic Plan 2021-25, which envisages around 240 million euro of Net Profit by 2025.

From day one we have promised to make profit and be useful, and we will do our utmost on both fronts.