Bank Fideuram, the Intesa Sanpaolo Group company specializing in financial consultancy and asset management, closed the first quarter of 2015 with consolidated net income up 38% to 125,2 million compared to 90,7 million in the first three months of Last year. As at 31st March, the assets under management by the group amounted to 96,1 billion, up by 6,5% compared to 31st December 2014.
In the first quarter, commercial activity recorded net inflows of 1,1 billion, up 46,2% on the first three months of last year. Asset management funding, which stood at 1,3 billion, recorded strong growth (+1 billion) compared to the same period of 2014. This result, explains a note, was achieved thanks to the excellent performance of funding net in portfolio management and life insurance. As at 31st March the total number of private bankers of the Banca Fideuram and Sanpaolo Invest Networks stood at 5.051 (5.044 as at 31st December 2014).
Net commissions amounted to 224,2 million, up 24,9% from the balance of 179,5 million in the first three months of last year. The interest margin, amounting to 26,7 million, recorded a drop of 4,1 million compared to the same period of the previous year (-13,3%) mainly due to the sharp drop in the reference interest rates the lower elasticity of the cost of funding is in contrast. The Cost/Income Ratio was 28,9%, an improvement on the 33,7% recorded in the first three months of 2014.
Banca Fideuram's consolidated capital ratios were confirmed to be well above the minimum levels required by law. In particular, as at 31 March 2015 the Common Equity Tier 1 was equal to 18,9%.
The CEO of Banca Fideuram, Matthew Colafrancesco, commenting on the results, he underlined: “The data for the first quarter of 2015 come after an 8-year positive series and demonstrate the strength and robustness of our growth engines: high-level financial advisory, focus on Private customers and daily research of excellence in the development of new products and customer services. It is in this direction, and with the usual enthusiasm, that we will continue to work for constant and sustainable growth in the medium-long term, in the interest of all our stakeholders, especially our customers".
