Dear friends of illimity,
As illimity enters its fifth year, we reflect on the journey that has brought us here.
These have been particularly turbulent years, where illimity has been forced to navigate unprecedented market conditions influenced by unpredictable geopolitical factors.
Amidst these challenges, illimity has continued to deliver on its mission: to serve Italy’s Small and Medium-Sized Enterprises (SMEs). Despite a decline in the overall market, last year saw illimity increase the amount of loans it provides to SMEs by 24%. Our continued growth has also enabled us to exceed EUR 7 billion in assets and generate over EUR 100 million in net profit.
As illimity continues to position itself for evolving market conditions, we have also undergone a transformation in our asset composition, with a notable uptick in performing assets alongside those returning to a performing status, indicating a steady growth trajectory. Across the spectrum of credit services, including Factoring, Structured Finance, Acquisition Finance, Turnaround, and Asset Based Financing, we have also seen positive growth.
The sharp growth in assets and profits was achieved while maintaining a low risk profile, a strong capital position around 15% and a sound liquidity position that came to over EUR 1 billion.
None of this would have been possible without our two most important components: our people and our innovative spirit.
Our people, illimiters, comprise a team of over 900, from 25 countries, 300 organisations and more than 20 different sectors. With them, we have reached new milestones, in line with the values that have formed our identity since our beginning. Thanks to our people, the illimity Group was recognised as a Great Place To Work for the fifth year running, and was ranked as one of the Best Workplaces in Europe for the third time.
Innovation remains a fundamental part of our business model, deeply embedded into every facet of our organisation. Our next-generation IT architecture has evolved into a revenue-generating hub, securing our medium to long-term strategic vision. We have additionally leveraged the potential of artificial intelligence to streamline our processes, enhancing customer experiences and boosting the productivity of our illimiters. In the past year, we successfully monetized our technology through a lucrative partnership with Engineering, transforming our IT architecture into a source of revenue and business growth.
The development of our tech ventures has continued according to plan, and we believe they will generate value for the Group over the medium-term: b-ilty which provides digital banking services for the smallest enterprises; Hype, the leading platform in Italy for retail customers; and Quimmo, proptech and the leading Italian player in real estate brokerage on the judicial market, which opened to the free market through its partnership with Coima.
For us, sustainability has always been a value as fundamental as growth and profitability. This is clear from the fact that it has always been at the centre of our strategies, processes and governance, as illustrated in detail in the Sustainability report published along with the Consolidated Financial Statements. We have renewed our full endorsement of the United Nations Global Compact, which, for illimity, is a commitment to contribute to promoting the Ten Principles, through cooperation and partnerships between varies stakeholders, in addition to our endorsement also of the Principles for Responsible Banking, (PRB), one of the most important sustainability frameworks in the financial sector, in November 2023.
As we seal off the financial year, we remain committed to the goal we set since day one: to generate profit in a way that is purpose-driven and serves the wider community.