Fideuram, the private banking company of the Intesa Sanpaolo group, closed the first half with a consolidated net profit of 456 million euros. The result is only slightly better than that recorded in June last year (454 million), but it is still the best half-year figure ever for the company.
Between January and June the total of administered masses it rose by 8%, while in the comparison on an annual basis as at 30 June the growth is 5%, to 229,2 billion euros.
The component of managed savings amounted to 156,9 billion, up 7% compared to the end of 2018.
As at 30 June 2019 the administered masses under paid advisory services they amounted to 37,8 billion (+4% since the end of 2018).
In the first half of 2019, commercial activity recorded 4,5 billion net collection (€5,5 billion in the first half of 2018), with flows mainly concentrated on the assets under administration component.
Also as of June 30 of this year, the total number of private bankers of the Networks amounted to 5.942, with an average per capita portfolio of around 39 million euro.
As for net commissions, fell by 1% on the year, to 843 million euros. Net recurring commissions, the predominant component (over 93%) of the commission margin, amounted to 788 million, down 3% on a year-on-year basis.
Il interest margin increased 17% year over year, to 89 million.
Il Cost/Income ratio it was equal to 30% (29% in the first half of last year).
On the balance sheet side, as at 30 June the Common Equity Tier 1 ratio stood at 19,2%.
“We want to continue in this direction – he commented Paolo Molesini, Chief Executive Officer and General Manager of Fideuram - with the aim of generating value for all stakeholders and in line with what is indicated in the 2018-2021 Business Plan".
