Finecobank closed the first nine months of 2019 with revenues up by 7,8% to 464 million, thanks above all to the exploits of the investing area which recorded an improvement of 9,9% with management fees up by 12,6% and to the expansion of the Banking area (+ 8,8% y/y).
Strong growth is also theNet income, equal to 177,7 million, up by 17,7% compared to the same period of 2017. On the adjusted net profit, which rose to 178,8 million, (+13,9%).
Il interest margin amounted to 207,6 million (+6,6%) compared to 194,7 million euro in the same period of the previous year, while net fee and commission income for the first nine months of 2018 amounted to 218,7 million euro (+ 9,7%).
I operating costs as at 30 September 2018 they reached 182,8 million euros. “The growth of 4,6% – reads the Finecobank note – is limited compared to the expansion of assets, assets and customers, thanks to the Bank's strong operating leverage. The cost/income ratio, in fact, stood at 39,3% in the first nine months of 2018, down by 1,2 pp compared to 40,5% in the first nine months of 2017".
As for the solo third quarter, as at 30 September Finecobank reported an intermediation margin of 153 million, a value slightly lower than the analysts' estimates reported by Bloomberg, equal to 154,5 million. Net income, on the other hand, stood at 52,6 million (+12,4%), against expectations of 51 million.
Turning to asset management, since the beginning of the year the net collection amounted to 4,78 billion euros (+15%) "with a mix consistent with the greater volatility recorded on the markets compared to last year", reads the bank's note. In detail, managed deposits reached 1,934 billion euro, administered deposits stood at 1,251 billion while direct deposits amounted to 1,595 billion euro. Since the beginning of the year, funding in “Guided products & services” has reached €2,061 billion and the new Plus service has reached €2 billion since its recent launch.
“We are particularly pleased to close the 9 months 2018 with a sharply rising profit, thanks to a diversified business model and a strategy that focuses on the long-term sustainability of the Bank's growth. Results that come in a very complex market phase that Fineco is facing with a strengthening of its operational efficiency and an increase in the productivity of its network of consultants, with particular attention to the quality, transparency and innovation that has always distinguish it". This is the comment of the CEO of Finecobank, Alexander Foti.
A Business Square the Finecobank share dropped 1,29% in line with the other bank shares, weighed down by the tensions on the Italian maneuver at the center of Ecofin's attention.
