Record half year for Fideuram – Intesa Sanpaolo Private Banking. Not only did the consolidated net profit rise to 646 million, up sharply (+54%) compared to the first six months of 2020, but the first six months of 2021 represent the best semester ever for net inflows, which exceeds 8,5 billion (6,3 billion in the first half of 2020, +36%), with net asset management flows close to 5,7 billion (1,8 billion in the first six months of 2020). Total assets under management thus reached a new all-time high of 326,9 billion, up 8% on the beginning of the year (+23,5 billion). The analysis by aggregates shows that the asset management component was equal to 211
billion (196,9 billion at the end of 2020, +7%), equal to 65% of assets under management.
The institute chaired by Paolo Molesini records operating costs in line with the same period of 2020, while the net commissions exceed one billion euros settling at 1.040 million, showing double-digit growth compared to the corresponding period of 2020 (943 million, +10%). The cost/income ratio drops to 33%, an improvement of two percentage points compared to the first half of 2020, and capital solidity is confirmed as very good, well above regulatory requirements, with a Common Equity Tier 1 ratio of 16,9 .106%. The interest margin, amounting to 23 million, showed a drop of XNUMX million compared to the first half of last year, mainly linked to the lower profitability of loans deriving from the drop in market yields.
Operating margin stood at 800 million euro (+13%), showing a solid improvement compared to the first half of 2020. As at 30 June 2021, the distribution structure of the Fideuram – Intesa Sanpaolo Private Banking Group used 6.630 private bankers, with an average per capita portfolio of over 49 million. “The results of the first half of 2021, he comments Thomas Corcos, Chief Executive Officer and General Manager of Fideuram – Intesa Sanpaolo Private Banking, place us among the leading European private banking players in terms of total assets under management and operating results, with a new all-time high achieved in a complex context, thanks to the strength of our networks and the commitment of all our people”.
"The great work done by the Private Banking Division - continued Corcos - makes us proud for the excellent commercial performance, for the teamwork and for the ability of our Private Bankers to constantly assist customers, supporting them in their investment choices , through products and services with a higher consultancy content. The capital solidity, which is confirmed to be well above the required regulatory requirements, the renewed international presence, with the acquisition of Reyl, and the completion of the integration of UBI Top Private and IW Bank are elements that further strengthen our positioning in the private market. Among our strategic objectives, the sharing of values, the training of resources and attention to sustainability are increasingly taking up space, all elements capable of consolidating our service model close to the needs of a clientele that is increasingly sensitive to the social repercussions of our business.”
