Positive quarter for Fideuram, a bank belonging to the Intesa Sanpaolo group, which closed the first three months of 2021 with a consolidated net profit equal to 405 million euros, an increase of 82% compared to the same period last year.
The total of masses administerede reached a new all-time high, reaching 264,1 billion, up 3% compared to the beginning of the year and 18% compared to the first quarter of 2020. Above all, the asset management component, equal to 180,3 billion (from 174,6 billion at the end of 2020, +3%) and corresponding to over 68% of assets under management.
“In the last year the division has undergone a major reorganization, aimed at supporting and developing business initiatives and operations which have led to a significant growth of its perimeter and its value. The results for the first quarter of 2021 confirm that we are on the right path. The strengthening of the international presence and the full integration of UBI Top Private and IWBank are elements of further impetus", stated Thomas Corcos, CEO Fideuram – Intesa Sanpaolo Private Banking.
The business registered a net collection of 1,7 billion driven by the exploit of the rmanaged savings, an increase of 3,4 billion to 2,7 billion compared to the corresponding period last year (-0,6 billion). A result obtained also thanks to the activity of the group's private bankers who directed the savings flows of customers towards products with a higher advisory content, specifies the bank. Going forward with the parameters, the managed savings it turned out negative for 1 billion, down by €4,3 billion compared to the first quarter of 2020.
Le net commissions rose 9% to 466 million and are 93% made up of recurring fees, which increased by 9% to 434 million. The interest margin, equal to 40 million, recorded a decline of 8 million compared to the first quarter of last year. The result of operational management it therefore stood at 382 million (+12%).
From an asset point of view, the Common Equity Tier 1 ratio is at 23,2%.
