Strong growth in funding and profits for Fideuram-Intesa Sanpaolo Private Banking, a company of the Intesa Sanpaolo group. In the first 9 months of 2021, the company led by Tommaso Corcos recorded 882 million Net income, with an increase of 42% compared to the same period of 2020. The total of administered masses which marks a new all-time high.
Record also in the net collection, with Fideuram posting the best first 9 months ever, exceeding 11,9 billion (+35%), with net flows of managed savings which are close to 8,5 billion compared to 2,8 billion recorded in the first nine months of last year. The net commissions mark an increase of 11% to 1,6 billion (+11%).
Going forward with the data, the Common Equity Tier 1 ratio is equal to 17, far above the regulatory requirements, while the Cost/Income ratio drops to 33%, an improvement of 3% compared to the same period of 2020.
“The results presented today testify, once again, the great work done. In fact, we reach the new all-time high of over 330 billion euro of assets under management, confirming us the first private bank in the country and among the first in Europe” commented Tommaso Corcos, Chief Executive Officer and General Manager of Fideuram-Intesa Sanpaolo Private Banking”
“With net inflows of over 11,9 billion euros in these first nine months of the year, we are recording our best performance ever. The important asset management component contributed to this last result, thanks to the activity of our professionals capable of directing savers towards products and services with a highly strategic content, proposing balanced, differentiated and personalized management of their assets. Furthermore, our capital solidity is confirmed to be largely above the required regulatory requirements. The extraordinary results demonstrate how ours is a model of sustainable service capable of generating value continuous over time, thanks to the expertise and strength of our networks, in Italy and abroad”, concluded the manager.
