Il Fideuram Group – Intesa Sanpaolo Private Banking ended 2021 with a consolidated net profit equal to 1,1 billion, with a growth of 35% compared to the 284 million of 2020. This amount also includes, for 164 million, the net capital gain realized with the cession of the Custodian Bank and Fund Administration Branch of Fideuram Bank (Luxembourg). Net of this component - which is not recurring - the net profit at the end of 2021 amounted to 937 million, up 15% than the year before, still representing the best result ever for Fideuram.
This was stated by a group initiate after the Board of Directors, chaired by Paolo Molesini, approved the financial year and consolidated results as at 31 December 2021.
Administered masses grow by 12% to an all-time high
Le administered masses of the Group – which has 6.594 Personal Financial Advisers, with an average per capita portfolio of €52 million – saw growth of 12% year-on-year to €341,2 billion, the highest level recorded in the history of the Group, with the asset management component which represents 65% of assets under management at €220,7 billion (+12%),
The good performance of the masses can be attributed on the one hand to an improvement in net collection, amounting to 15,7 billion, up 20%, from the other to one market performance which had a positive effect on assets for 21,8 billion, reads the note.
“The results of 2021 – he comments Thomas Corcos, Chief Executive Officer and General Manager of Fideuram Intesa Sanpaolo Private Banking – confirm the goodness of our winning service model in the world of financial advice: with 341 billion euro of assets under management we are recognized leaders in Italy and among the top private banks in Europe” .
Net inflows into managed savings almost doubled
Net inflows into managed assets almost doubled at the end of 2021 to 11,5 billion from 5,4 billion) a year earlier, "Thanks to the activity of the Group's Private Bankers who have directed customer savings flows towards products higher consulting content” says the note. Net inflows into assets under administration, on the other hand, decreased to 4,2 billion from 6,9 billion in 2020.
Le net commissions they amounted to 2,1 billion, up by 9% and their largest component (94%), represented by net recurring commissions, amounted to 2 billion, up by 11%. The performance fee component is contained at 35 million.
Il interest margin, equal to 212 million, showed a decrease of 39 million compared to 2020, mainly linked to the lower profitability of assets deriving from the drop in market yields.
Il result of operational management it stood at 1,5 billion (+8%), showing an improvement compared to 2020 when it stood at 1,42 billion.
I capital ratios consolidated financial statements of Fideuram-Intesa Sanpaolo Private Banking are above the minimum levels required by law. In particular, as at 31 December 2021 the Common Equity Tier 1 ratio was 13,6% and the Total Capital ratio was 13,8%.
