Fideuram – Intesa Sanpaolo Private Banking almost tripled net inflows in the first quarter of 2020 compared to the same period of 2019, despite the crisis generated by the coronavirus emergency. In fact, the data released by the company led by Tommaso Corcos speak of net inflows of 2,7 billion in three months, +163% compared to one billion a year ago, despite the significant deterioration of the market context starting from the second half of the quarter. The analysis by aggregates shows that the collection is complete focused on the administered savings component (3,3 billion) reflecting a decidedly more conservative orientation of savings flows, against a net inflow of assets under management which recorded an outflow.
The consolidated net profit, on the other hand, was in slight decrease to 222 million, -3% compared to the first quarter of 2019. At the end of March 2020, assets under management amounted to €223 billion, down by 8% compared to 31 December 2019 (€242,7 billion) and substantially in line with those at March 31, 2019 (223,7 billion). The evolution of assets compared to the end of 2019 is attributable to the market performance which, at the end of March, was heavily affected by the global spread of the Covid-19 epidemic adversely affecting assets. “This effect – the note reiterates – was partially mitigated by the excellent net inflow result achieved by the private banker networks”.
The analysis by aggregates shows that the asset management component amounted to €148,8 billion, compared to €165,4 billion at the end of 2019. As at 31 March 2020, the total number of private bankers in the Networks was 5.811, with a average portfolio per capita of over 38 million. Net commissions amounted to €427 million, up slightly (+2 million) compared to the balance of €425 million recorded in the first quarter of 2019. Net recurring commissions, the predominant component (over 93%) of the commission margin, amounted to 399 million, up by 5 million (+1%) thanks to average assets under management which, despite the strong market correction that took place in March, were higher than in the first quarter of 2019.
The interest margin, amounting to 48 million, highlighted an increase of 12% compared to the first quarter of last year (43 million) due to the growth in average volumes invested, in particular on treasury deposits. Net operating costs, equal to 141 million, decreased by 5 million (-3%) compared to the corresponding period last year (146 million). The detailed analysis of Fideuram – Intesa Sanpaolo Private Banking showed that personnel expenses, equal to 78 million, decreased by 10 million (-11%), in particular due to the centralization of some control functions at Intesa Sanpaolo starting from 1 September 2019. The Cost/Income ratio was 29%, an improvement of one percentage point compared to the first quarter of last year.
“The results – commented the Chief Executive Officer and General Manager Corcos – demonstrate how our service model is valid and capable of dealing with any market condition, including the less favourable. This is demonstrated by the net income, net inflows and a capital solidity well above regulatory requirements, with the Common Equity Tier 1 ratio rising to 27,5%. The ability to build personal relationships with customers over time, the use of technologies developed in recent years and the uninterrupted commitment of our people and the more than 5.800 financial advisors and private bankers who make up our networks, have made it possible to offer, in information and support to our customers on an ongoing basis, assisting them in recent months in both operational and strategic portfolio management".
“Even in times of crisis – concluded Corcos -, proposing diversified investment solutions consistent with the needs of customers and avoid choices made on the wave of emotion these are the guidelines to follow in order not to lose sight of the objectives of correct financial and patrimonial planning".
