Banca Popolare di Sondrio e FinecoBank they archive the first quarter of 2025 with positive resultsThe Valtellina bank marks a record net profit of 173,3 million of euros (+19,3%) thanks to the good performance of the interest margin and the improvement in credit quality, with a stock that gains ground (+0,49%). Fineco, for its part, grows with a profit of 164,2 million of euros (+11,7%) and a net collection of 3,2 billion of euros, driven by the strong performance of the brokerage. However, its stock slipped slightly (-0,16%) at Piazza Affari.
Pop di Sondrio: record profit in the first three months of 2025
A quarter to remember for Pop di Sondrio, which closed the first three months of 2025 with results above expectations and the best profit in its history. Bps recorded a net profit of 173,3 million euros, up 19,3% compared to the same period of 2024 (145,23 million), exceeding analysts' estimates (155-159 million).
Excellent performance also on the front of interest margin, which rose to 272,1 million euros (+1,9%) despite the rate cut by the ECB, driven by the increase in net loans to customers, which rose to 35,88 billion euros (+2,4%). The net commissions from services – driven by bancassurance and managed savings – rose by 8%, to 115,4 million.
Il intermediation margin grew to 419,4 million (+2,5%), while the net result of financial management stood at 396,85 million, an improvement compared to the 366,36 million of the same period of 2024.
Significant improvement also on the front of credit quality, with net write-downs down 47,4% to 22,5 million. net impaired loans fell to 374 million euros, equal to 1% of total credits, with a coverage rate of 64,5%. operating costs rose by 4,8%, reaching 158 million, and the cost-income ratio stood at 37,7%. With the quarterly results, Popolare di Sondrio also announced the renewal at the top: Pierluigi Spring he was appointed president, succeeding Francesco Venosta.
The situation remains solid position patrimonial, with regulatory capital of 4,32 billion euros and a Common Equity Tier 1 (CET1) fully loaded stable at 14,3%.
The CEO and General Manager Mario Alberto Pedranzini commented: “These results represent the ideal basis for the launch of the new 2025-2027 industrial plan, which aims to strengthen the business model, diversify revenue sources and improve profitability. We could return to the market with a bond loan, but a buyback is not currently envisaged”.
On the front ofOps launched by Bper, the offer currently features one discount implicit of approximately 5,81% compared to market prices. At 10:49, the Popolare di Sondrio stock is trading at 11,37 euros (+0,49%), while Bper shares are down 0,16% at 7,38 euros. CEO Pedranzini on the risk: "I have to look at my garden and define its perimeter well".
Fineco continues its run: profits growing and collections accelerating strongly
Fineco archives the first quarter of 2025 with a net profit of 164,2 million of euros, up 11,7% compared to the same period in 2024. The total revenue stood at 329,3 million euros (+0,7% year-on-year), mainly supported byInvesting (+11,3%) and from Brokerage (+21,7%), which benefited from the increase in the customer base and market volumes. Despite the decline in financial leeway (-10,8% y/y), linked to lower interest rates, the bank maintained solid growth.
In the month of April, the net collection exceeded 1,2 billion of euros, with a managed component of 296 million. The overall collection of the quarter was equal to 3,2 billion, up 44,3% compared to the same period of the previous year. harvesting managed recorded a significant increase, equal to +127,3%, while administered collection showed an increase of 7,1%.
As for the future, theoutlook on non-financial margin revenues remains unchanged, albeit “with a different mix”. In particular, banking fees for 2025 are expected to decline slightly “due to the regulation on instant payments”, while a record year is expected for brokerage revenues, with a “significantly higher base thanks to the broadening of the active investor base”.
“We are going through a market phase characterized by particular uncertainty, which is why the role of financial advisors is once again proving to be fundamental in accompanying savers in efficient, long-term planning,” declared the CEO and general manager Alessandro foti. During the call, Foti ruled out Fineco's involvement in the bank risk: “Fineco will probably remain, for a rather significant period of time, completely outside of these major changes in the financial sector”. He added that “Fineco’s result is the most important thing for us, but it is not linked to what is happening on the M&A front in the banking sector” and that “in this scenario many opportunities open up for Fineco because these mergers push the sector to focus on enhancing the synergies that can emerge from these operations”.
