Italian neobank illimity announces €13.2m in profits in third quarter

Italian challenger bank illimity has reported a 31% jump in profits in the third quarter compared to the second one this year.

In total, the neobank reported €13.2m in profits in the third quarter in 2020. For first nine months of the year in total, the FinTech venture reported that it had made €24m in net profits. That’s an improvement from the €18m in losses the digital lender reported in the same period in 2019.

illimity attributed the results to a positive trend of net customer loans and investments that combined totalled €1.83bn on September 30, representing a 46% jump from the €1.26bn recorded at the corresponding date in 2019.

The neobank is now predicting that it will be able to reach its goal of netting €30m in net profits in 2020.

“illimity’s first full year of activity, 2020, is turning out to be particularly significant,” said Corrado Passera,CEO of illimity. “Despite the continuation of the crisis, the Bank is showing considerable resilience on every front and achieving very positive results: volumes and earnings have grown, capital and liquidity have risen above expectations. We are therefore able to confirm the target of an ROE of approximately 5% for the year.

“In addition, illimity has once again demonstrated its ability to innovate, not only by initiating new strategic projects in the business areas in which it operates, but also by entering new segments such as fintech. In this respect the agreement signed with Banca Sella in September will, through HYPE, enable us to add and develop a high-growth business such as non-banking financial services.

Copyright © 2020 FinTech Global

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