recovery
Banca Italease SpA expects to remain a solid bank and break even
in 2008.
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The new plan sees the leasing and factoring company reaching a
consolidated net profit of €170m in 2010, with a dividend pay-out
equating to 40 per cent of net profit.
This year the company was hit by its exposure to derivatives
which made the group end the first half with a net loss of €387.7m,
compared with a €73.4m profit a year earlier.
However, analysts are concerned that Italease will be damaged by
the loss of its investment grade status, which has increased the
bank’s average cost of funding.
There are also fears over Italease’s interest margin and whether
it will be able to pay out on €5bn of bonds that are due to
expire.
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