Bff rebounds on the stock exchange, analysts relieved by first quarter numbers
Experts welcome the strengthening of capital ratios after the correction of the 2025 numbers following the Bank of Italy's findings
Ivan Torneo
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(Il Sole 24 Ore Radiocor) - Bff Bank momentum in Piazza Affari, where the stock has performed close to +45% in the past month, marking a rebound after heavy losses over the past year. The latest surge follows above-expected quarterly results, which restored confidence on the bank's capital and operating front after adjustments to the 2025 numbers following the Bank of Italy's findings. Above all, the market welcomed the strengthening of capital ratios and a quarterly report that, despite a still complex environment, showed signs of improvement over investors' fears.
Analysts at Deutsche Bank speak of a 'result that brings relief' to Bff in the current operating environment, pointing out that 'pro-forma Cet1 improved significantly to 11 per cent, exceeding our expectations by about 1 percentage point'. The German bank also points to an improvement in asset quality, with past due loans declining thanks to collections in the quarter.
Equita speaks of 'first quarter results substantially in line with our expectations in terms of net interest income and net fee and commission income', supported by 'higher capital gains from the sale of financial assets at amortised cost'. The sim also reports that the rising Cet1 was 10.7 per cent higher than expected, 'thanks to more positive net profit dynamics'. At the same time, however, the analysts urge caution, because 'visibility on the business is very limited in terms of future profitability' and capital evolution.
On the operational front, Jefferies notes that 'the strategic review is still ongoing', and that 'the 2026 net profit target of EUR 115-140m remains unchanged'. "The quarterly presentation places less emphasis on factoring and is not structured according to business divisions, as it was in the past," they note from Jefferies, concluding that "we do not expect major changes in consensus forecasts, but Bff's long-term future may be different from its past, when it was primarily a factoring company in the healthcare sector."
