Finecobank archive the best semester in its history. This was announced by the multi-channel bank of the Unicredit group, which this morning communicated the accounts relating to the January-June period, closed with a net profit up 25,7% to 117,8 million. The group - specifies the note - benefited from some recurring items such as the sale of the investment in Visa Europe and the closure of some tax disputes. But net of these items, the adjusted net result still shows an improvement of 7,8%, to 101 million.
The institute also announced that it will launch soon an offer of mortgage loans for first and second homes.
Going back to the accounts, Finecobank has registered revenues for 289 million (+7,9% on the year). The interest margin was good, up 6,7% to 123,4 million, and the trading, hedging and fair value result, which showed an increase of 67,2%, to 46,9 million.
On the contrary, the net commissions decreased by 7,2%, to 117,8 million, while operating costs decreased by 1,5%, to 117,7 million, with a cost/income ratio of 40,74% (43% the adjusted value of non-recurring items). At the patrimonial level, the Cet1 ratio stood at 22,68%
As for the total of financial activities, the growth was 3,3% compared to June 2015, to 55,6 billion (+0,4% on the end of 2016). In the first part of the year, net funding fell by 6,4%, to 2,65 billion, while that through consultants fell by 12,1%, to 2,27 billion. The number of clients of the institute stands at 1,09 million, an increase of 8% on last year (59.700 new ones in the semester).
"In a complex and volatile market context that continues to occur - comments the CEO of Finecobank, Alexander Foti – the results of the first half of 2016 confirm a very positive trend of the Bank, archiving record figures for several of the main indicators and continuing the sustained trend already recorded in the first quarter of the year. In particular, these are results that confirm the solidity of the bank and the strength of the business model".
The balance of the managed collection amounted to 25,9 billion euro, down by 1,4% compared to 31 December 2015, while that of direct deposits recorded a growth of 8,5% compared to the end of the year, reaching 17 billion euro thanks to the continued growth of customer base and transactional deposits. Finally, the balance of assets under administration is equal to 12,7 billion euros, down by 5,4% compared to the end of 2015
On the side of the income statement, EBITDA amounted to 171,2 million, up 15,5% compared to 148,2 million as at 30 June 2015. EBITDA adjusted for non-recurring items amounted to 155,9 million, growth of 5,2% compared to the first half of 2015.
Net income before taxes amounted to 165,9 million, showing an increase of 17,2% compared to the same period of the previous year. The figure adjusted for non-recurring items stands at 150,5 million euros, up by 6,3% compared to the first half of 2015.
