This report does not constitute a rating action. Overview Key strengths Key risks Loan book is concentrated in high payment capacity clients from the commercial sector Modest market share provides a smaller buffer against economic downturns Capital is strengthening via stable internal capital generation, manageable credit growth, and recent AT1 issuance Reliance on wholesale funding limits overall financial flexibility Banca Mifel's manageable credit growth will support business stability. For 2026-2027, we expect the bank to maintain a loan growth rate of about 14% as the bank balances its core commercial strength with gradual retail diversification. Moreover, we project operating revenue growth of 10.5% over the next two years, supported by solid net interest margins (NIMs) resulting from a strategic shift
