One year after becoming a Credit Institution, Banca IFIS exclusively provide working capital, mainly through factoring, for small- and medium-sized companies. The bank has nine branches in Italy and two representative offices in Hungary and Romania.
During a very difficult time for all Italian companies, Banca IFIS managed to increase its activity and profit in the first half of 2003.
Compared to the same period last year, Banca IFIS increased net profit by 56.7% to Ђ3.01 million at 30 June 2003.
The forecast for the return on equity (ROE) level for end of 2003 based on the 30 June 2003 figures is 13.9% compared to 13.4% at the end of 2002. The projected annual figure for return on assets (ROA) for 2003 is 4.5%, one percentage point higher than at the end of 2002.
Banca IFIS provides both in international (export and import) and domestic factoring. The bank became an associate member of Factors Chain International (FCI) in September 2002.
