A 2019 to be framed for Fideuram – Intesa Sanpaolo Private Banking, with many results significantly up on the previous year. Let's start with the net profit, which had never been so high: it exceeded 900 million, reaching 906 million (+9%), and assets under management also reached record level of 242,7 billion euros (+14%), thanks to net deposits that came close to 11 billion (+7%). In particular, there was a real boom in net inflows into managed savings, which amounted to 4,6 billion, a sharp increase of 28% over the previous year.
Other financial fundamentals are also very positive for the group led by Paolo Molesini: net commissions rose to 1,747 billion, up 3% compared to 2018; the Cost/Income ratio fell to 31%, improving the already satisfactory level of 2018 (32%); capital solidity remains high, well above regulatory requirements, with a Common Equity Tier 1 ratio at 19,2%. As at 31 December 2019, the total number of private bankers in the networks was 5.834, with an average per capita portfolio of around 42 million (up from 36 million at the beginning of the year).
The interest margin, equal to 177 million, showed an increase of 14% compared to last year (155 million) mainly thanks to the growth of the average volumes invested in proprietary portfolios and the rebalancing of maturities on treasury deposits. THE net operating costs, equal to 609 million, recorded a modest increase (+3%) compared to 2018 (593 million). The detailed analysis shows that the personnel expenses, equal to 356 million, recorded a 2% increase while the other administrative expenses, equal to 198 million, were substantially in line (+1%) with those of the previous year.
Le net value adjustments on tangible and intangible assets (55 million) recorded an increase of 8 million mainly due to higher property leasing costs, amortized in accordance with the IFRS16 accounting standard.
“During 2019 – he commented Paolo Molesini, Chief Executive Officer and General Manager of Fideuram – Intesa Sanpaolo Private Banking – we obtained the best results ever achieved by Fideuram – Intesa Sanpaolo Private Banking, which confirm the excellent quality of the work performed every day by private bankers, managers, staff at headquarters and at subsidiaries. Our business model, based on professional consultancy and the creation of a long-term relationship of trust between clients and private bankers, proves successful and continues to guarantee sustainable growth in value over time, capable of bringing discipline to investment processes ”.
"We will continue to invest in the selection and training of our networks - Fideuram, Sanpaolo Invest and Intesa Sanpaolo Private Banking - as we believe it is essential to focus on the constant improvement of skills, professionalism and innovation, to anticipate needs and analyze in depth the financial and asset needs of customers", added Molesini, before commenting on the end of his role: "I am ending my mandate as the operational head of the Private at the end of a journey that lasted 5 years, during which I worked with a top-level group of professionals. Together we have built the first private bank in Italy, responding to the needs of the most sophisticated customers and directing the company on a path of development which has seen the total assets under management grow significantly, from 178,8 billion euro and profit, from 582 million euros, at the end of 2014″.
