Italian-based digital bank illimity posts a 66% rise in first half net profit to €52.2m. The bank’s strategic partnership with Engineering Group was finalised on 30 June 2023.

The partnership had a positive impact on 2023 earnings, thanks to €54m in revenue booked in the second quarter. Additionally, illimity reports a sharp rise in volumes with a 44% y-o-y increase in SME loans and investment banking business. Total assets rise by 31% y-o-y to €6.7bn billion. Liquidity remains robust at around €1bn. An LCR of 276% is well above the regulatory minimum,

Corrado Passera, CEO and founder of illimity said: “illimity continues to grow in terms of volumes, revenue, and profits. In the last quarter, financing to SMEs has particularly increased. This is driving interest and commissions, with a good resilience of operational costs and provisions.

The strategic partnership with Engineering Group has been established. This is showing benefits already in the first half and opening a new area for future revenue. Our open and legacy-free, but natively cloud-based IT architecture, as well as the vertical applications we have developed in an ever-modular manner will, in fact, be of great interest to other operators as well.”

illimity H1 2023 highlights

Net interest income rises by 32% y-o-y. Net fees and commissions are ahead by 17% y-o-y driven by lending and third-party servicing activities. Customer loans rise by 32% y-o-y to €4.2bn. Three tech initiatives are contributing a high level of value creation. In particular, Hype has continued to increase customer numbers to 1.8 million (+9% y/y). Specifically, it has enhanced its product line-up with new credit and insurance solutions. b-ilty has been fully operational since the beginning of the year. It reports customer loans of €154m, more than double the figure for the previous quarter. And the third tech venture, Quimmo, has entered a strategic partnership in real estate brokerage with COIMA7. This collaboration offers commercial synergies that will be pursued at a national level. According to illimity, there is a potential pipeline of projects worth over €1bn focusing on quality residential properties.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.