BFF Bank (BFF) Q3 2025 earnings summary

Executive summary

• Adjusted net profit for the first nine months of 2025 reached €118.1m, up 14% year-over-year, with 3Q25 adjusted net profit up 33% year-over-year.

• Record loan book of €5.8bn (+8% YoY) and volumes of €6.3bn (+11% YoY), with Italy volumes up 16% YoY.

• Bank of Italy lifted bans, enabling return to normal operations, including dividends, share buybacks, and employee incentives.

• Ample liquidity with loan/deposit ratio at 73% and CET1 ratio at 13.4%, €108m above target.

• New medium-term plan and targets to be communicated in 2026.

Financial highlights

• Group profit before tax rose 13% YoY, driven by Factoring & Lending (+15% YoY), while Payments declined 7% YoY and Securities Services grew 42% YoY.

• Total net revenues at €589.3m (+14% YoY); cost/income ratio improved to 46%.

• Transaction Services deposits increased 25% YoY, offsetting a 47% decline in online deposits.

• Bond portfolio mark-to-market gain of €40.5m, up €56m YoY.

• Cost of funding fell 29% YoY to €212.0m.

Outlook and guidance

• Return to normalized environment with dividends based on FY25 adjusted results and share buybacks.

• New medium-term targets to be communicated with the 2026 strategic plan.

• Focus on capital generation and RWA reduction through past due collection.

• Three-year organic international growth plan approved, including expansion into France and Luxembourg.

• Dividend policy updated, with CET1 reference level for dividends raised to 13.0%; cumulated dividends to 2026 expected to be €50m–€70m lower than previously targeted.