Historic record for the Fideuram – Intesa Sanpaolo Private Banking group in the first nine months of 2020: assets under management rose to €243,8 billion, up by €1,1 billion compared to 31 December 2019, thus reaching the highest level ever recorded. A performance, underlines a note, "made in an extraordinarily difficult economic and social context". And the other indicators also did well: total net funding was 8,2 billion, almost a billion more than in the first nine months of 2019; net commissions are more or less stable at 1,26 billion; operating costs fell to 443 million; and above all the Cost/Income ratio was confirmed at 31%, on levels defined as "absolutely excellent".
Also capital solidity was found to be far above regulatory requirements, with a Common Equity Tier 1 ratio rising to 28,3%, the largest among the competitors on the Italian market. The only small negative note: consolidated net profit stopped at 623 million, marginally down on the same period of 2019 (659 million, -5%). The interest margin, on the other hand, rose to 154 million, showing an increase of 17% compared to the first nine months of last year (132 million) thanks to the growth in the average volumes of treasury term deposits and the containment of the average cost of interbank funding . As at 30 September 2020, the distribution structure of Fideuram - Intesa Sanpaolo Private Banking made use of 5.785 private bankers, with an average per capita portfolio of over 42 million.
“We faced the first nine months of the year in a context of unprecedented health emergency – he commented Tommaso Corcos, Chief Executive Officer and General Manager of Fideuram – Intesa Sanpaolo Private Banking –. The resulting socio-economic uncertainty has pushed Italian families towards a more marked propensity to save. To ensure that this wealth is appropriately valued over time, financial planning supported by consultancy professionals is essential, capable of providing answers in line with the personal investment needs and with the risk profile of the individual saver. The results of these first nine months of 2020 confirm the value of our work: total assets under management exceeded 243 billion euros and net inflows stood at 8,2 billion euros".
“These are extraordinary numbers – added the manager – which demonstrate, once again, how our service model is particularly valid and appreciated by customers. Despite the complex period, we are continuing an important process of strengthening and repositioning our activities, in Italy and abroad, to better serve our customers. We are confident that the acquisition of the majority stake in REYL & Cie SA and the arrival of colleagues from Ubi Private and IWBank will bring even greater value to our Division. The joint effort of the private bankers of our networks, of the managers and employees of the headquarters and of the subsidiaries will contribute to that extraordinary growth process which has always characterized Fideuram – Intesa Sanpaolo Private Banking”.
