A half-year to frame for FinecoBank which closed the first six months of the year with a net profit of 125,2 million, up 20,1% compared to the same period of 2017. Taking into consideration only the second quarter, l Profit, on the other hand, increased by 25,9% to 66,2 million euros.
Returning to the months January-June, revenues also recorded a clear surge, rising by 10,3% to 311,8 million euros with an operating result of 187,2 million (+15,8%).
Operating costs rose by 2,9%, a cost/income ratio down to 40%. As for commercial data, since the beginning of the year, net inflows amounted to 3,6 billion (+24% on a trend basis).
+9,1% to 137,6 million for the interest margin, while net commissions increased by 12,5% to 146 million. The result from trading, hedging and fair value amounted to 27,6 million (+6,3%). Loans to customers amounted to 2,6 billion, up by 23,7% compared to 31 December 2017 and by 75,1% compared to 30 June 2017, "thanks to the relaunch of the lending business, in particular mortgages , personal loans and credit lines”, FinecoBank announced in a note.
The amount of non-performing loans (performing loans, unlikely to pay and past due) net of value adjustments amounted to 2,7 million, down from 2,9 million at the end of 2017 with a coverage ratio of 89%. The ratio between the amount of non-performing loans and the amount of loan receivables from ordinary customers stands at 0,12% (0,16% as at 31 December 2017).
As for the new asset management company, the company recalls that, after receiving the go-ahead from the authorities, it has been operational since last July 2nd. “Once again we present strong growth data, confirming Fineco's ability to produce solid and sustainable results even in a challenging market context – commented the CEO. Alessandro Foti – Results also favored by the diversified business model capable of leveraging the two structural trends underway in society, digitization and the request for consultancy. The second half - he added - opens with the full operation of Fineco Asset Management, which will allow us to be even more efficient and profitable and to face the challenges that await us".
Despite the positive results, at Pizza Affari, the FinecoBank share dropped 1,13% to 10,085 euro.
