Fideuram: profit up 40,7%, assets under management also increased

Banca Fideuram (Intesa Sanpaolo) closed the first half of 2011 with sharply growing net profit: 132,1 million euro, with an increase of 40,7% compared to the first six months of 2010. Assets under management also increased, reaching 73,7 billion, marking a +3% compared to the same period of 2010; 2,2 billion in assets contributed to the increase, achieved with the purchase of Banca Sara, finalized on 1st June. On the other hand, total net deposits decreased to 908 million, while in the first half of last year it stood at 1,4 billion. Net commissions grew to 280,3 million (+9,9%), with the cost/income ratio reaching 45,1%. The total number of private bankers (including 340 professionals from the acquisition of Banca Sara) of the Banca Fideuram and Sanpaolo Invest Networks is equal to 4.779 (there were 4.349 as at 31 December 2010 and 4.333 as at 30 June 2010). The asset management component, amounting to 54,8 billion, constituted 74,3% of total assets at the end of the half-year, while net value adjustments due to impairment showed a negative balance of 5,8 million (they had been positive by immaterial amount in the first half of 2010) essentially due to the write-down, for 6,5 million, of Greek government bonds maturing within 2020, decided in accordance with Intesa Sanpaolo's adhesion to the offer of financial support to Greece. As regards the consolidated capital ratios, the Tier 1 ratio is equal to 14,8% and the Total Capital ratio is 15,2%. These are values ​​well above the minimum levels required by law. "From an economic and financial point of view, the results obtained were satisfactory", explained the CEO, Matteo Colafrancesco, underlining that "the significant increase in net profit in the first six months of the year derives above all from precise strategic choices and important investments that our bank has made, despite the adverse market conditions that still characterize the national and international scenario".