It is not a simple slowdown, but a phase change that emerges clearly from the numbers and the very tone with which the management describes it. In the first quarter 2026 results of Banca Ifis two elements coexist: on one side, still solid results in terms of capital and liquidity, on the other, a reduction in profitability and, above all, the start of a strategic review that touches the heart of the model.
PROFITS DECLINE AND GROWTH DRIVEN BY ACQUISITION
The most immediate figure is that of profit: 31.3 million euros compared to 47.3 million in the first quarter of 2025, a decrease of about 34%. The pre-tax result also falls to 50.5 million from the previous 68.8 million, while taxes amount to 19.2 million.
At the same time, however, revenues grow: the net interest income rises to 216.4 million from 178.8 million the previous year (+21%). A figure that, read alone, might suggest expansion. But the detail immediately clarifies the nature of this growth: 78.7 million comes from the contribution of illimity Bank, acquired in 2025.
The contribution from illimity also impacts profit by over 20 million. Without this component, the result of the “old” Ifis drops to just over 10 million. Here the first sign of discontinuity is evident: growth is no longer organic.
President Ernesto Fürstenberg Fassio (in the photo) nonetheless claims the significance of the operation: “These are transformative initiatives that have allowed us to expand the group’s perimeter and strengthen our offer of financial products and services.” The very reference to “transformation” indicates that the previous model is no longer sufficient.
THE NPL ISSUE: THE ENGINE SLOWS
The most evident change concerns the Npl business, that is, non-performing loans. These are unpaid loans purchased at a discount and recovered over time: for years a source of high margins for Ifis.
In the first quarter of 2026, however, the picture changes. Sector revenues stop at 47.2 million, down by over 33 million year-on-year. Profit falls to 1.3 million, a decrease of 22.8 million.
Revenues, according to some analysts, are “temporarily more contained,” but the point is different: what is shrinking is the interest margin, that is, the intrinsic profitability of the purchased portfolios. Here the change of context is clear: fewer opportunities, higher purchase prices, and increasing regulatory pressure.
A point that Fürstenberg Fassio himself acknowledges: “The project launched concerns the Npl sector, affected by an ongoing evolution of the regulatory framework, and the possibility to explore the best strategic options.” Translated: the historic pillar is under discussion.
COMMERCIAL BANKING: OPERATIONAL STABILITY BUT DECLINING MARGINS
The slowdown is not limited to Npl. The commercial and corporate segment – which represents the core of business towards companies – also shows signs of pressure.
Revenues stand at 81 million, with average loans of 7.1 billion. But the net interest income falls by 9.7%, while profit decreases by 12.6 million. The main weight comes from two pillars of activity: factoring – that is, the advance of credits to companies – which loses 3.8 million, and corporate lending, down by 5.5 million.
On the cost side, the dynamic is even more evident: total operating costs rise to 150 million from 97.5 million in 2025. Even net of illimity, the increase is 9.5%. Personnel expenses grow by 8.5%, while other administrative expenses increase further.
In any case, the bank emphasizes that the benefits of integration will not be immediate: “Cost synergies will become visible from 2027, following the completion of the integration process and the full implementation of efficiency initiatives.”
MORE RISK AND MORE CAUTION
The environment becomes more challenging also on the risk front. Provisions for loans – that is, sums set aside to cover possible losses – rise to 10.3 million from 8.2 million the previous year.
At the same time, the share of loans showing signs of difficulty also increases, with the deterioration rate rising to 6.2% gross and 3.9% net.
It is the CEO Frederik Geertman himself who sums up the point. “2026 is a year to strengthen long-term resilience,” he states, “carrying forward the integration of illimity and the rationalization of the perimeter.” And he adds: “These choices may generate volatility in the results of the coming quarters.”
In essence: less brilliance now, more structural balance later.
DIVESTMENTS AND GROUP SIMPLIFICATION
The transformation also involves divestments. Ifis is “in advanced negotiation” for the sale of AREC neprix and Abilio, with closing expected by the second quarter of 2026.
These are assets related to the management and enhancement of non-performing loans and real estate. Their sale is “a key step in the path of strategic focus and simplification of the group’s structure,” as the bank emphasizes.
In parallel, Ifis aims to strengthen lending to SMEs and to open up to new segments such as retail and private banking, also through the Fürstenberg platform.
CAPITAL STRENGTH BUT DEPOSIT DECLINE
Balancing these signals is a robust capital structure. The CET1 ratio rises to 13.71% and the Total Capital Ratio to 18.97%. Equity reaches about 2.16 billion, while liquidity remains very high.
But here too more nuanced signals emerge: total deposits fall to 18 billion (-3.9% compared to the end of 2025) and loans to customers decrease by 2.8%. It is not a drastic contraction, but indicates a less expansive phase.
THE MARKET WATCHES AND REACTS
The change of pace was also noticed by the market. The day after the results, on Piazza Affari the stock lost about 4%. A sign that investors look beyond the headline figure and focus on the quality of growth.
END OF A CYCLE, BEGINNING OF A NEW BALANCE
The overall picture is that of a bank in transformation. The model based on Npl, which has guaranteed high margins over the years, shows signs of exhaustion.
The traditional core business slows down. Growth is supported by the integration of illimity, but requires time to become fully efficient.
The response, in the words of Fürstenberg Fassio, is “a new path of growth and value creation.” But from Geertman’s words also emerges the awareness that the transition will be complex and potentially volatile.
