Despite a difficult market context, Fideuram – Intesa Sanpaolo Private Banking (Intesa Sanpaolo Group) recorded in the calendar year 2018 net inflows of 10,2 billion euro. The company's total assets under management now amount to €213,1 billion, a slight decrease (-2%) compared to 31 December 2017 (€216,6 billion). The evolution of assets compared to the end of 2017 is attributable to the negative performance of the financial markets, which had an unfavorable impact on assets of around 13,7 billion. The analysis by aggregates shows that the asset management component, equal to 147 billion, today represents almost 70% of assets under management. Based on the performance of the year that has just ended, the analysis by aggregate shows that net inflows into assets under management amounted to 3,6 billion (11,6 billion in 2017) while that of assets under administration amounted to 6,6 billion (0,6 billion in 2017), reflecting a more conservative orientation of savings flows linked to the market situation.
An analysis of the main aggregates of the Income Statement shows that in 2018 net fee and commission income amounted to 1.701 million, in line with the balance of 1.710 million recorded in the previous year. Net recurring commissions, the predominant component of the commission margin (approximately 94%), continued to give stability to revenues, amounting to 1.605 million, up 2% compared to 2017 (1.578 million). Such a trend mainly reflects the growth in average assets under management, which went from 145,9 billion in 2017 to 152,3 billion in 2018 (+4%). As at 31 December 2018, the total number of private bankers in the Networks was equal to 5.995 (5.990 at the beginning of the year), with an average portfolio per capita of around 36 million.
Not brilliant though the consolidated net profit, which stood at 834 million, slightly down (-4%) compared to 2017 (871 million). Net of non-recurring items, which in 2018 include an extraordinary charge of 25 million incurred for the settlement of a tax dispute, profit amounted to 886 million, remaining substantially in line (-1%) with 2017 The consolidated capital ratios of Fideuram – Intesa Sanpaolo Private Banking are confirmed to be well above the minimum levels required by law. In particular, as at 31 December 2018 the Common Equity Tier 1 ratio was 20,1%.
Paolo Molesini, Chief Executive Officer and General Manager of Fideuram – Intesa Sanpaolo Private Banking, commented on the results as follows: “The results achieved in 2018, a particularly complex year in which the markets recorded negative performances in almost every sector, are in line with those of previous financial statements: gross profit of approximately 1,3 billion and net inflows of more than 10 billion confirm the validity of our service model, resilient, sustainable and based on customer relationships, managed thanks to the best consultancy professionals. Being able to stay on course in this phase of economic and financial tension confirms the quality of the work carried out every day by our people: private bankers, managers, staff at the headquarters and at subsidiaries. We have invested in particular in training our networks – Fideuram, Sanpaolo Invest and Intesa Sanpaolo Private Banking – because in complex phases like the current one, those who are more solid must focus on continuous improvement of skills, innovation and professionalism, to ensure service capable of anticipating and guiding investment choices. Finally, thanks to the international development undertaken by our Group, we are able to pursue new growth opportunities, in new markets and with new management tools, thus contributing to the strategic design outlined in the 2018-2021 Business Plan".
