Dear illimity friends,
2020 was a tough year, but it was also a year of great satisfaction.
It would be rather futile to list the problems faced by everyone, including families, businesses and entire nations. At the start of the year, our certainties were thrown into disarray and our economy slipped into a critical period from which it is yet to emerge.
Yet, for us, it was also a year packed with satisfaction because our illimiters showed incredible determination to guarantee our customers uninterrupted service, while the creation of our new paradigm bank continued unabated with new, high potential projects being launched.
Our year ended with investment and loan volumes growing significantly, our profit forecasts right on the money for our post-COVID goals, profitability levels above those of nearly all traditional banks, very good capital and liquidity positions and a genuinely high-quality portfolio.
We did hit our promised profit levels, but perhaps our greatest gains were being able to sustain many businesses, during an incredibly trying time, to keep their projects on track to develop, restructure or relaunch their companies, to adopt a regenerative approach to loans for companies that were unable to stay afloat and to provide families and businesses with cutting-edge Open Banking services.
We continued to look forward with a shared attitude of going beyond and so we never stopped investing in innovation and strategic new initiatives in our focal areas: we entered the market of Unlikely to Pay (UTP) portfolios, taking home a major acquisition in the final part of the year; we created our own asset management company (SGR) and our first fund is nearly ready; we accelerated our Open Banking strategy through the HYPE Joint Venture for the largest fintech platform in Italy; and we took our first steps in the debt capital market, successfully placing our first bond issuance. These projects and others will add additional value to our Business Plan, which we will present in its updated version by the middle of the year.
The merit for all this must go to a cohesive management team and to the 640 illimiters who have brought with them the enthusiasm and the experience gained in the 200 companies, 17 industries and 20 countries they come from. Such diversity is an enormous strength for us, especially as it goes hand-in-hand with our determination to base everything on merit.
Our targets might be ambitious, but our feet are firmly on the ground and we have solid values: freedom, innovation, responsibility.
We want to completely repay the faith of our investors around the globe, who have always believed in us and kept great attention on long-term sustainability.
The months that lie ahead promise an abundance of hard work, but we expect solid growth through 2021 as well.
Rosalba Casiraghi
Chairman illimity
Corrado Passera
CEO illimity
