Feb 10, 2020 / 04:00PM GMT
Operator
Good day, and welcome to BFF Banking Group Conference Call about 2019 full year results. (Operator Instructions)
Please note this event is being recorded. I would like to turn the conference over to Massimiliano Belingheri, Group's CEO; and Emanuele Bona, Vice President, CFO. Please go ahead.
Massimiliano Belingheri - Banca Farmafactoring S.p.A. - CEO & Director
Thank you, everybody, for joining us today for the full year results for 2019.
We are pleased to report earnings of almost EUR 99 million adjusted net income with a growing return on tangible equity, despite a lower net LPI over recovery compared to 2018. We continue to accumulate our back-book reserve in terms of LPI, which is almost now at EUR 400 million, and we continue to improve our operating leverage, with operating costs to loans at 2.09%.
The growth of the business, as we will see, has translated into a better RWA mix that has allowed us to earmark EUR 71 million for cash dividend. This represents a 72% payout ratio, a dividend of EUR 0.415 per share, which is
Q4 2019 Banca Farmafactoring SpA Earnings Call Transcript
Feb 10, 2020
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