Boom in funding, growing net income and improvement in capital ratios: Fideuram-Intesa Sanpaolo private banking closes a quarter with strong progress.
At the end of the first half of 2017 the administered masses from the Fideuram – Intesa Sanpaolo Private Banking Group were equal to 207,1 billion, up by 9,1 billion (+5%) compared to 31 December 2016 and by over 18,9 billion (+10%) compared to 30 June 2016. The growth in assets compared to the end of 2016 is attributable both to the excellent performance of net inflows (+€ 7,5 billion) and to the good performance of the asset market (+1,6 billion). The analysis by aggregates highlights how the component of assets under management, amounting to approximately 145 billion euro, represent 70% of assets under management. In the same period, assets under paid advisory services amounted to 37,5 billion (34,1 billion at the end of 2016, +10%), equal to over 18% of total assets.
La net inflows of 7,5 billion, with strong growth (+80%) compared to the same period of 2016. The first six months of the year also showed a decidedly more favorable funding mix compared to the first half of 2016, with the asset management component showing an excellent performance (6,8 billion) against net inflows into assets under administration of €0,7 billion. In particular, net inflows in mutual funds, equal to 4,2 billion , recorded a strong increase (+6 billion) compared to the negative figure of the first half of 2016 (-1,8 billion). A result to which the collection of over 0,4 billion in individual savings plans (PIR). The insurance sector and in that of asset management they recorded, respectively, 1,7 billion and 0,8 billion in net inflows.
The group has 5.922 private bankers (+74 units compared to 31 December 2016), with an average portfolio per capita of €35 million.
Le net commissions amounted to 827 million, up by 7% compared to the balance of 771 million in the first half of 2016.
Le operating expenses, equal to 264 million, showed a limited increase (+2%) compared to the corresponding period of last year (258 million) determined by the increase in personnel expenses (+6%) linked to the quantitative and qualitative strengthening of the workforce mainly in the commercial area (+56 resources) against a reduction (-2 billion) in other administrative expenses and net value adjustments to tangible and intangible assets were down slightly (-€ 2 million in aggregate).
Il Cost/Income Ratio was 28%, an improvement on the 29% recorded in the first six months of 2016.
The consolidated net profit it stood at 443 million, up by 40 million (+10%) compared to the first half of 2016.
I consolidated capital ratios of Fideuram – Intesa Sanpaolo Private Banking, calculated on the basis of Basel 3 rules, are confirmed to be well above the minimum levels required by the regulations. In particular, as at 30 June 2017 the Common Equity Tier 1 was 15,9%.
Paolo Molesini, Chief Executive Officer and General Manager of the company comments with satisfaction “the best results ever in terms of net inflows, 7,5 billion, assets under management, almost 7 billion, and net income. We are also increasingly attractive to the best professionals on the market, and the combined strength of these factors produces an excellent result, for our clients and our bank".
