“Both the Interbanca integration and the results are positive, we look to the future with the intention to continue improving and growing.”
CEO Giovanni Bossi
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Työeläkeyhtiö Elo
The global economy recovered strongly in 2021. Growth was stronger than it had been in decades. This was also reflected in Elo’s investment income. The return on Elo’s investments was 14.0% (3.6%). The market value of Elo’s investments was EUR 29.4 (25.9) billion at the end of 2021.
Rugby golden lions vs pumas live streamabner_alanis
"LIVE LINK http://www.superrugbyonline.net/ Currie Cup Blue Bulls v Griquas Live Match at Johannesburg on Friday 14 August 2015
Watching Live Stream At Desktop,Laptop PC, Mac, Macbook, iPad, iPhone, various Android Tabs and phones(e.g: Samsung Galaxy, HTC, Sony Xperia, GoogleNexus
Watch live here : http://www.superrugbyonline.net/
Watch live here : http://www.superrugbyonline.net/"
“Both the Interbanca integration and the results are positive, we look to the future with the intention to continue improving and growing.”
CEO Giovanni Bossi
Elo Mutual Insurance Company: Pension assets grew at a record pace – return E...Työeläkeyhtiö Elo
The global economy recovered strongly in 2021. Growth was stronger than it had been in decades. This was also reflected in Elo’s investment income. The return on Elo’s investments was 14.0% (3.6%). The market value of Elo’s investments was EUR 29.4 (25.9) billion at the end of 2021.
Rugby golden lions vs pumas live streamabner_alanis
"LIVE LINK http://www.superrugbyonline.net/ Currie Cup Blue Bulls v Griquas Live Match at Johannesburg on Friday 14 August 2015
Watching Live Stream At Desktop,Laptop PC, Mac, Macbook, iPad, iPhone, various Android Tabs and phones(e.g: Samsung Galaxy, HTC, Sony Xperia, GoogleNexus
Watch live here : http://www.superrugbyonline.net/
Watch live here : http://www.superrugbyonline.net/"
Stephanie-disant.fr - Article - L'accueil collectif du Jeune Enfant en FranceStéphanie DISANT
La France est toujours, avec l’Irlande, le pays le plus fécond d’Europe, avec 810 000 naissances en 2013.
La France métropolitaine compte 2,3 millions d’enfants de moins de 3 ans et autant d’enfants de 3 à 6 ans.
La proportion des enfants de moins de 6 ans dans la population est inégale selon les départements : elle varie de 5,1 % dans la Creuse à 13,9% en Guyane.
La proportion d’enfants de moins de 6 ans est nettement plus faible dans le quart Sud-Ouest de la France. Elle est en revanche élevée dans le Nord de la France, dans le Bassin parisien, en Rhône Alpes et dans l’Ouest, de Nantes à Rennes.
POWER POINT PRESENTATIONN REGARDING CVS CAREMARK WHICH IS A SUBSIDIARY COMPANY OF CVS HEALTH. IT IS VERY USEFUL FOR MBA STUDENTS PREPARED BY RAJESH GANDHAM
The Mental Illness and Neurological Disorders - Foundation
The Presentation is in Gujarati Language
To address the school children of rural communities understanding type of mental illness and factors affecting mental illnesses.
Identifying Bottlenecks in Mobile Cloud Computing (MCC)Dr. Ranbijay Kumar
Client side performance is important in today’s world because of the gaining popularity of rich internet applications and the growth in the mobile applications market. The customers are also looking for high responsiveness for any client based applications. More of us use our mobile phones as our mini-computers that travel with us and keep us connected 24/7, and that number will surely continue to grow. Mobile applications developers increasingly turn around to cloud computing to circumvent the major challenges that face them.
Earnings Presentation 2016
Banco Santander generated attributable profit of €6,204 million during the year, an increase of 4% compared to 2015, with strong growth in fee income and improvements in credit quality, partially offset by the weakening of certain currencies against the Euro and an increase in tax in both Poland and U.K. Excluding one off items and currency movements, underlying profit before tax increased by 12%.
Banco Santander delivered an attributable profit of €1,867 million during the first quarter of 2017, +14% compared to Q1 2016. Excluding currency movements, profit before tax increased by 17% to €3,311 million.
Mestre (Venezia), 12 maggio 2020 - Il Consiglio di Amministrazione di Banca Ifis, riunitosi oggi e presieduto dal Vicepresidente Ernesto Fürstenberg Fassio, ha approvato i risultati relativi al primo trimestre 2020.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
2. SOLIDITY: MANAGEMENT FOCUS
2
Banca IFIS FY 14 FY15
CET 1 13.9% 14.7%
Total Own Fund
Capital ratio
14,2% 15.4%
Tier 1 Ratio 14.0% 15.0%
BCE request
CET 1 7%
Total Own Fund
Capital ratio
10.5%
Tier 1 Ratio
8.5%
3. HIGHLIGHTS
3
FY 14 FY15 Change FY14 FY15 Change
Net Banking
Income
(Eu mn)
284 408 +44%
Net Loans to
Customers
(Eu bn)
2.8 3.4 +22%
Net Result
from
Financial
Operations
(Eu mn)
250 374 +50% AFS+HTM
(Eu bn)
5.1 3.2 -36%
Net Profit
(Eu mn)
96 162 +69%
Total Funds
and Deposits
(Eu bn)
7.7 6.1 -21%
Total Assets
(Eu bn)
8.3 7.0 -16%
NPL ratio (Trade
Receivables)
1.3% 1.1%
Net Equity
(Eu bn)
438 573 +31%
NPL Coverage
ratio (Trade
Receivables)
86.4% 87.9%
CET 1 13.9% 14.7%
RWA
(Eu bn)
2.8 3.3 +17%
4. HIGH QUALITY BALANCE SHEET
NPL COVERAGE ratio 87,9%
4
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
2011 2012 2013 2014 2015
NPL/Loans Tier 1 Capital ratio
Total Own Fund Capital Ratio Deteriorated Assets/ Loans
Fiscal year end
Euro
FY14 FY15
Net NP Exposures
Mn
113 129
NPE/Equity 25,7% 22.4%
Net NPL 33 31
NPL/Loans 1.3% 1.1%
Net Unlikely to
Pay
44 40
Net NP Past Due
Loans
36 58
Deteriorated assets in Trade
Receivables segment
Over the last years Banca IFIS improved significantly
its Capital Ratios and credit quality
Solidity
Deteriotatedassets/Loans
5. 5
A STRONG AND DIVERSIFIED
BUSINESS MODEL
39%
14%
5%
42%
NBI 2015
Trade Receivables DRL Tax Receivables G&S
B2B Trade finance
with focus on SMEs
& micro companies
and Public Administration
4487 customers as of
Dec 31,2015
DRL
Investment in retail Unsecured
Distressed Loans portfolios
Over 850.000 debtors/ individuals
Tax receivables
Purchase of tax
receivables arising from
insolvency proceedings
Net Banking income: 408 Eu mn +44%
6. 6
NET BANKING INCOME (EU MN)
BREAKDOWN BY SEGMENT
0
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014 2015
Trade Finance DRL Tax receivables G&S
245
121
264
284
408
FY2015 DRL results affected by non-
recurring operations for a total of 6.5 Mn
Eu
CAGR 27.5%
7. GROUP’S HISTORICAL CORE BUSINESS:
TRADE RECEIVABLES FINANCING
8
Results FY 14 FY 15 % Change
Turnover Bn Eu 8.3 10.1 +21.8%
NBI Mn Eu 156 159 +2.0%
NBI/ Average Loans 6.3% 5.6%
Provisions Mn Eu 33 21 -35.6%
Net Result from Financial Operations
Mn Eu 122 137 +12.1%
Loans Bn Eu 2.4 2.8 +16.0%
NPL/Loans 1.3% 1.1%
RWA Bn Eu 1.8 1.8 -
8. A LEADING POSITION IN THE RETAIL
UNSECURED DISTRESSED LOANS SEGMENT IN
ITALY
9
Target Invest in Italian retail unsecured distressed loans
Customer base Over 850.000 debtors. Over 1.0 mln positions
Competitive advantage
Sizeable owned portfolio integrated within a unique platform that drives our
projected growing collection rate
DRL FY 14 FY 15 % Change
NBI Mn Eu 33 56 +69%
Net Result from Financial Operations
Mn Eu
31 53 +67%
Net Book Value Mn Eu 135 354 +162%
GBV Bn Eu 5.6 8.2 +45%
GBV purchased Bn Eu 2.0 4.1 +102%
GBV disposed Mn Eu 219 1377 +529%
RWA Mn Eu 135 354 +162%
FY2015 DRL
Non-recurring operations
in the segment:
Sale of 3 NPL portfolios 1,4
GBV
New NPL evaluation model
Results affected at
NBI line for total +6.5 Mn
Eu
Operative costs for -4 Mn
Eu
9. MARKET LEADER IN ITALY
IN THE TAX RECEIVABLES SEGMENT
10
Target Purchase of tax receivables arising mainly from insolvency proceedings
Customer base Bankruptcy courts in all domestic market
Competitive advantage Integrated collection platform that drives our projected growing collection rate
Tax receivables FY 14 FY 15 % Change
NBI Mn Eu 11 20 +85%
Net Result from Financial Operations
Mn Eu
11 20 +77%
NBV Mn Eu 119 131 +9%
GBV Mn Eu 168 191 +13%
NBV/GBV 71,2% 68.6%
RWA 38 42 +10.7%
10. NET PROFIT BREAKDOWN (EU MN)
11
Group KPIs
FY data
2014 2015
Credit quality
cost Tr. Rec.
173 bp 90 bp
Tax rate 33,9% 34%
NBI Provisions Operating costs Taxes Net profit
408
34
128
84
162
12 Mn Eu non
recurring costs
11. BALANCE SHEET:
A DIVERSIFIED FUNDING MODEL
13
Strong balance sheet
Success retail funding for the new launch 3-4-5 yrs Rendimax
formulas
Funding Breakdown Eu Mn FY14 FY15 % change
Retail funding rendimax&
contomax
3314 3113 -6.1%
Wholesale funding
Due to banks
2259 663 -70.7%
Wholesale funding
Repos
2083 2279 +9.4%
Other payables 86 95 +10.2%
Fiscal year end
Eu
FY14 FY15
Loans to banks
Mn
275 95
Loans to
customers Bn
2.8 3.4
Net securities Bn 5.1 3.2
Due to banks Bn 2.3 0.7
Due to customers
Bn
5.5 5.5
Net equity Mn 438 573
Total
assets/liabilities
Bn
8.3 7.0
12. BALANCE SHEET: A FOCUS
ON THE DEBT SECURITIES PORTFOLIO
14
Eu Mn Nominal Value- Maturity Total amount % on total amount
From January to December 2016 759 23.6%
From January to December 2017 270 8.4%
From January to December 2018 1322 41.0%
From January to December 2019 675 20.9%
From January to December 2020 196 6.1%
Total 3222 100.0%
13. DATA PER SHARE
15
Fiscal Year end FY14 FY15
Total shares Mn 54 54
EPS stated 1.81 3.05
BVPS 8.27 10.81
Dividend per share 0.66 0.76 hypothesis
Dividend payout ratio % 36.40 24.90
Share price as of 2015,31/12 28.83 Eu
14. This Presentation may contain written and oral “forward-looking statements”, which includes all statements that do not
relate solely to historical or current facts and which are therefore inherently uncertain. All forward-looking statements rely
on a number of assumptions, expectations, projections and provisional data concerning future events and are subject to a
number of uncertainties and other factors, many of which are outside the control of Banca IFIS. (the “Company”). There
are a variety of factors that may cause actual results and performance to be materially different from the explicit or implicit
contents of any forward-looking statements and thus, such forward-looking statements are not a reliable indicator of
future performance. The Company undertakes no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as may be required by applicable law. The
information and opinions contained in this Presentation are provided as at the date hereof and are subject to change
without notice. Neither this Presentation nor any part of it nor the fact of its distribution may form the basis of, or be relied
on or in connection with, any contract or investment decision.
The information, statements and opinions contained in this Presentation are for information purposes only and do not
constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or
subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other
financial instruments. None of the securities referred to herein have been, or will be, registered under the U.S. Securities
Act of 1933, as amended, or the securities laws of any state or other jurisdiction of the United States or in Australia,
Canada or Japan or any other jurisdiction where such an offer or solicitation would be unlawful (the “Other Countries”),
and there will be no public offer of any such securities in the United States. This Presentation does not constitute or form
a part of any offer or solicitation to purchase or subscribe for securities in the United States or the Other Countries.
Pursuant the consolidated law on financial intermediation of 24 February 1998 (article 154-bis, paragraph 2) Emanuel
Nalli, in his capacity as manager responsible for the preparation of the Company’s financial reports declares that the
accounting information contained in this Presentation reflects the Banca IFIS’s documented results, financial accounts
and accounting records.
Neither the Company nor any member of Banca IFIS nor any of its or their respective representatives, directors or
employees accept any liability whatsoever in connection with this Presentation or any of its contents or in relation to any
loss arising from its use or from any reliance placed upon it.