Fideuram – Intesa Sanpaolo Private Banking, a company of the Intesa Sanpaolo group, has published the results for the first nine months of 2019, which highlight the new record for total assets under management, which stands at 235,9 billion, up by 11% compared to the beginning of the year. Net fee and commission income also increased compared to the first nine months of 2018, €1.276 million from €1.269 million, and the consolidated net profit, which rises to 659 million compared to 657 million of the corresponding period of last year. The reasons for satisfaction also concern other financial parameters, which testify to the solidity of the bank which has reached a total number of private bankers equal to 5.902 units, with an average portfolio of approximately 40 million (up from 36 million at the beginning of the year) .
For example, the Cost/Income ratio remains at levels of absolute excellence settling at 31% (30% in the first nine months of 2018), just as the capital solidity, well above regulatory requirements, with a Common Equity Tier 1 ratio of 19,7%. The interest margin, amounting to 132 million, showed an increase of 14% compared to the first nine months of last year (116 million) thanks to the growth in the average volumes invested in proprietary portfolios, combined with the rotation of the securities portfolio and the rebalancing of maturities on treasury deposits.
In the first nine months of 2019, however, commercial activity recorded a slight slowdown, with the net inflows at 7,3 billion (7,9 billion in the same period of 2018). If the net flows in the period were mainly concentrated on the assets under administration component (6,3 billion), the net inflows of assets under management, amounting to 1 billion, nonetheless showed a quarterly trend that improved markedly during the year.
“The results reward the service model of Fideuram – Ispb – he commented Paolo Molesini, Chief Executive Officer and General Manager of Fideuram – Intesa Sanpaolo Private Banking -, capable of dealing with any market condition, thanks to our professionals who know how to offer diversified products and services that are consistent with the needs of customers. In these nine months we have continued to generate value in a consistent and sustainable way, thanks to the work of the entire structure, in which we invest in a targeted manner, both in training and in product innovation. Developing the professional knowledge of our networks is essential to attracting and preparing the best private bankers, while devising diversified investment solutions, such as our “alternatives” platform, allows us to find investment opportunities even in more complex market conditions”.
“We continued in 2019 – added Molesini – the growth path started 4 years ago. Once again, our Division confirms its ability to generate value for all stakeholders, in line with what is indicated in the Business Plan launched in 2018, thanks to the contribution of all our private bankers, managers, head office employees and subsidiaries".
