Credito Fondiario reported revenues for EUR 31 million and over EUR 13 million earning before taxes in the first quarter

Bilancio Credito Fondiario

The Board of Directors of Credito Fondiario, leading bank in Italy in the non-performing loan portfolios investments and servicing sector and parent company of the Banking Group Credito Fondiario, has approved the first quarter Financial Statements as at March 31, 2020.

In the 1Q 2020, the Group has closed the consolidated financial report with EUR 13.2 million earnings before taxes (EUR 2.8 million as at March 31, 2019) and a net result of EUR 8.5 million (EUR 1.5 million as at March 31, 2019).

“We are really satisfied with 1Q results, which reflect our business stability and growth profile. The bank has generated income, growing as compared to the 2019 results, and has an important cash and equity profile, which we will need to catch the possible investment opportunities that will arise in the next months, at the best. We are carefully evaluating the health emergency impact on our portfolios, and on the mid-long term perspectives of our sector, but it is still early to draw conclusions,” Iacopo De Francisco, General Manager of Credito Fondiario, has commented. “To date, we managed, very quickly, to secure all our employees and to guarantee full operational continuity to our clients, and this was the priority. In relation to the future, we are a solid reality, with optimal resources and professionalisms to strengthen our market position and continue to operate with ever more commitment in support of Italian banks de-leveraging needs”.