In the first 9 months of 2017 Finecobank recorded a net profit down 7% to 151 million, while the adjusted one marks a growth of 7,8% to 156,9 million.
Strong rise for the net operating result, which rose by 9,3% to 256,2 million (+9,3%), and for total revenues which amounted to 430,9 million (+6,3%).
The cost/income ratio fell to 40,5% while operating costs increased by 2,1% to 174,7 million.
For the third quarter, the intermediation margin is equal to 148,3 million (+12,5% compared to the comparison period). The double-digit growth of net operating income (+22,2% to 82,4 million) and net income (+18,6% to 52,9 million) was also confirmed.
“The very positive results achieved in the first nine months of 2017 – comments the CEO Alexander Foti – testify that Fineco's growth is healthy and sustainable. Data that confirm the success of a business model capable of generating a well-diversified revenue stream every quarter, continuously improving net inflows in terms of volumes and asset mix, a constant increase in Network productivity and an acceleration in the acquisition of new customers thanks to the quality of the services”.
Record figures for net inflows in October, which reached 516,6 million, an increase of +46% compared to the same period of 2016. The boom is driven by assets under management (+16% to 376,1 million). The net contribution of the direct component was also positive, albeit decreasing (-53,1% to 117,3 million compared to the same month of 2016). Lastly, assets under administration went from surrenders of 221,5 million to slightly positive flows of 23,2 million.
October stream brings the total from the beginning of the year to 4,7 billion (+19% compared to the first ten months of 2016), with net inflows under management more than doubling to 2,9 billion (+102,5% compared to the period January-October 2016), while administered and direct deposits scored a slowdown, contracting respectively by 42,3% to 505,3 million and 20,5% to 1,3 billion compared to the first ten months of 2016.
Since the beginning of 2017, the bank led by Alessandro Foti has acquired 97.307 new customers (+7% y/y), of which 10.257 in October alone (+10% y/y). The number of total customers thus rose to over 1.188.000, an increase of 7% compared to the same period of 2016. In the January-October period, the financial advisor network contributed €4,3 billion to net inflows (+25% y/ to). Data that contributed to raising total assets to 66,3 billion, with an increase on an annual basis of 14% and 10% compared to the end of December 2016. It should be noted that total assets attributable to private customers amounted to 25,1, 19,8 billion (+XNUMX% y/y).
Foti comments that: “Fineco confirms in the numbers the goodness of decisive strategic choices: organic growth and strong positioning in the private segment. In prospective terms, thanks to the new initiatives, including the establishment of Fineco Asset Management, we expect further improvement in trends".
At Piazza Affari, the stock rose by 0,7% to 7,995 euros.
