BFF Bank S.p.A. (BFFBF) Q1 2023 Earnings Call

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Replay transcript excerpt

WEBVTT 00:00:01.786 -- 00:00:07.433 Good afternoon and welcome to BFS Banking Group First Quarter 2023 00:00:07.433 -- 00:00:13.100 Earnings Call. All participants will be in listen-only mode. 00:00:13.100 -- 00:00:18.207 Should you need assistance, please signal a conference specialist by pressing the star 00:00:18.207 -- 00:00:21.151 key followed by zero. 00:00:21.151 -- 00:00:26.137 After today's presentation, there will be the opportunity to ask questions. 00:00:26.137 -- 00:00:31.553 To ask a question, you may press star then one on a touch-tone telephone. 00:00:31.553 -- 00:00:35.839 To withdraw your question, please press star, then two. 00:00:35.839 -- 00:00:39.164 Please note this event is being recorded. 00:00:39.164 -- 00:00:43.750 I would like to turn the conference over to Massimiliano 00:00:43.750 -- 00:00:45.352 Beningheri, 00:00:45.352 -- 00:00:50.459 Group CEO, and Piergiorgio Bicci, CFO. Please 00:00:50.459 -- 00:00:52.620 go ahead. 00:00:54.183 -- 00:00:59.189 Thank you. Welcome, everybody, for joining us for the first quarter result 00:00:59.189 -- 00:01:03.754 presentation. We are happy to report a strong first quarter in terms of adjusting the 00:01:03.754 -- 00:01:07.495 profits, actually our highest 00:01:07.538 -- 00:01:12.583 quarter on record. And this is an important result given that 00:01:12.583 -- 00:01:17.248 the dynamics of our balance sheet means that in a rising interest rate environment, our 00:01:17.248 -- 00:01:21.653 liability rate rises faster than our asset. 00:01:21.653 -- 00:01:27.044 The net interest income is being driven by factoring and lending, which 00:01:27.044 -- 00:01:32.051 has shown a 22% growth year over year, driven in particular by the increase 00:01:32.051 -- 00:01:37.719 of the LPI stats to the rate, which wa...