IFIS, the Italian factoring company which recently became a bank, has closed 2001 with a steep rise in profitability. Its net profit, for example, jumped 50%, to ?2.4m, while net commissions leapt by 71%, to ?4m, and interest and profits from financial operations increased by 82%, to ?7.8m. At the same time, customer deposits rose by 79%, to ?628m, and customer lending recorded a 49% rise, to total ?194m.
Observers believe that IFIS's newly-launched banking activities are a source of potential growth, despite the company's insistence that factoring will continue to be its core business. In 2001, IFIS strengthened its eastern European activities, particularly those in Hungary and Romania. Acquisitions are now expected in the former Yugoslavia, Poland, Bulgaria and other countries in that region.
Source: Financial Times
