BFF Group with 40,2 million adjusted profits. Business in Portugal grew 51%

Italian group BFF had 121 million in credits receivable in Portugal until June.

The Italian banking group, which has loans to public entities in Portugal, mainly in the health sector, recorded an adjusted net profit of 40,2 million euros, "with an adjusted RoTE [Return on tangible equity] of 30%". The bank's new business volume reached 2.541 million, an increase of 29% over the first half of last year.

The net result, unadjusted, of the BFF Banking Group was 37,5 million euros in the first half, a decrease compared to the 38,1 million euros recorded in the same period of 2019.

In total, net interest income reached 90,5 million euros in the first six months of this year, a figure above the 85,9 million euros recorded in the same period in 2019.

Banca Farmafactoring's net profit, with banking, financial and insurance activities reached 94,5 million euros in the first half, up from the 86,8 million euros recorded in the same period in 2019.

Costs increased to 42,2 million euros by June, up from 36,2 in the same period last year.

In Portugal, BFF says the business grew 51% compared to the same period in 2019, despite the “injection made in June”.

According to BFF data, the Italian bank had “receivable / outstanding” at the end of June 2020, 121 million euros, 21 million more than the amount recorded at the end of the first quarter.

In fact, credits acquired (factoring) in the first half amounted to 77 million euros, an increase of 60 million compared to 17 recorded in the first three months of the year.

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