While COVID-19 is spreading across the globe, illimity has issued bullish results from the first quarter.
The Italian high-tech bank specialises in lending to promising SMEs, the purchase and management of distressed loans and direct digital banking services.
Having “reacted to the situation caused by the COVID-19 emergency”, illimity stated that it has been able to ensure business continuity through the crisis.
It posted a pre-tax for the first quarter of 2020 of €7.2m, representing a fivefold increase over the previous quarter, and a net profit of about €4.5m.
“The upcoming months will continue to be dominated by the situation caused by the COVID-19 emergency,” the bank said in a statement. “The growth of the business, which continued into April, will accordingly have to take into account the uncertainty caused by the macroeconomic scenario and by the application of the supporting and regulatory measures, yet to be fully established.
“Capital preservation will therefore remain the central focus of illimity’s strategy in 2020, also as a means of seizing new business opportunities. In this respect it is believed that the size and the competitive dynamic of the markets in which the bank operates will continue to be very attractive in the future, even beyond our initial forecasts, and possibly open up additional new opportunities.”
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