Six months to remember for FinecoBank which closed the first half of 2017 with un net profit of 104,3 million. The change in the result is +3,2% excluding the non-recurring items recorded last year, including the sale of the stake in Visa Europe.
From January to June, revenues fell by 2,2% to 282,7 million (+3,3% the "adjusted" change), with net interest at 127,2 million (+3%) and net commissions at 129,7 .10,1 million (+XNUMX%).
The multi-channel direct bank of the UniCredit group recorded operating costs up 2,9% to 121,2 million, while as regards capital solidity, the Cet1 ratio was 22,14%. Year to date net new money is up 9% to 2,9 billion, of which 2 billion flowed into guided products (+17%). At the end of June, total financial assets grew by 15% to 63,6 billion.
Speaking of the high-end portfolio management market, the total assets attributable to customers in the segment private banking, i.e. with assets exceeding 500 thousand euros, stands at 24 billion, up 22% year on year and equal to 38% of the bank's assets.
“We are particularly satisfied with the first half results, the best ever”, commented the CEO. Alexander Foti. "Data that once again testify to the effectiveness of a diversified and sustainable business model, capable of obtaining solid results in all market phases and at the same time satisfying the financial needs of customers in the round"
"The half year - continues the number one of Finecobank - confirms the first positive evidence of the implementation of the new initiatives aimed at accelerating Fineco's organic growth, including the strengthening of the lending activity and the strong commitment towards a higher quality of deposits . Initiatives to which is added the project to set up an Asset Management Company, from which we expect a further improvement in our competitiveness."
In second quarter 2017 the asset management company led by Alessandro Foti reported an intermediation margin of 142 million, in line with the 141 million expected by analysts. On the other hand, net profit was higher than consensus, growing to 52,5 million (+1,7% compared to estimates). Both the intermediation margin and the net profit, in the absence of non-recurring income for 15,3 million recorded in the second quarter of 2016, were lower by 5,4% and by 21,1 percent. Net of these proceeds, the intermediation margin and the net profit show an increase respectively of 5,5% and 5,6%.
on Piazza Affari, the stock gains 0,94% to 7,50 euros.
