It's the turn of managed savings. After the quarterly report of Mps, it is the veil on the accounts for the first three months of 2023 that has been lifted Finecobank e Azimuth, both with double-digit profits and revenues
Finecobank: quarterly and collected
In the first quarter of 2023, the net profit of Finecobank stood at 147,3 million, up by 19,1% (net of non-recurring items relating to 2022) over the same period last year. For the company led by Alessandro Foti this is the new record as regards the quarterly net result
I revenues rose 14,9% to 293,7 million led bythe financial margin (+46,5%, of which interest margin +165,3%) and from'Investing (+1,9%) "thanks to the growing contribution of Fineco Asset Management and the higher net margins on assets under management", explains the company in a note.
I operating costs they recorded an increase of 6,4% year on year to 73,4 million, for a cost/income equal to 25% down from 27% a year ago. The masses managed of Fineco Asset Management stood at €27,9 billion, of which €17,4 billion relating to retail classes (+14,2%) and €10,5 billion relating to the underlying funds of the wrappers (institutional classes, +0,8% ).
Turning to the Raccepted, april it closed with inflows of 831 million, down from 1,033 billion in the same period of 2022, and for a total amount of 3,57 billion in the first four months of the year (3,858 billion in 2022). In the last month, assets under administration stood at 755 million, assets under management amounted to 267 million, driven by the retail funding of Fineco Asset Management (343 million), capable of intercepting outflows from insurance (-232 million), continued at a slower pace than the previous month.” The direct component finally settled at -191 million.
The guidance of Finecobank
For 2023 Finecobank, with reference to revenues from banking activities, expects a financial leeway growth of approximately 70% compared to 2022 with a peak in the fourth quarter of the year, while for subsequent years the financial margin "is expected to continue to benefit from the new scenario of interest rates". The commissions they are expected “in line with 2022”. For the investing activity an "acceleration of revenues and margins" is expected, in particular with a "high single digit" increase (8-9%, ed) for revenues and with margins on management fees "after taxes higher year on year, with different assumptions and a better mix”.
La managed retail collection of Fineco Asset Management is expected to improve to "about 5 billion" total assets under management to "about 4 billion" (considering outflows from insurance wrappers). For thel 2024 Finecobank expects net inflows under management in the 5 billion euro area with Fineco Asset Management retail assets under management of approximately 4,5 billion. After-tax management fee margins are confirmed up to around 55 bps in 2024 (pre-tax margins at around 73 bps).
For brokerage, the management expects “solid results with a decidedly higher revenue base than in the pre-Covid period with the same volatility and market volumes”.
In 2023 operating costs are estimated to increase by approximately 6% per year excluding approximately 2 million additional costs related to asset management, approximately 3 million additional costs related to Fineco UK and any additional marketing expenses. Capital ratios of Cet1 and leverage ratio are expected to “grow in 2023” and management expects the distribution of dividends per share with “a steady increase”.
Finally, the leaders confirmed a steady increase in dividends per share in the coming years.
At Piazza Affari, the title, which was traveling just before the publication of the accounts, is struck by the profit taking: it has come to lose more than four points and is currently losing 4% at 12,91 euros per share.
Azimuth: quarterly and collected
In the first quarter Azimut recorded a adjusted consolidated net profit of 127 million euros, up 33% compared to the same period last year. THE consolidated revenues they stood at $326 million, in line with $327 million in Q2022 XNUMX and despite the deconsolidation of Sanctuary. Loperating profit is rose 11% to 149,6 million and the operating margin it stood at 46%, up from the previous 41%.
La consolidated net financial positiona was positive for approximately 349 million, an increase of 55,9 million compared to the end of December, despite the fact that acquisitions and investments were made for approximately 90 million. The figure does not include the dividend in cash of 1,30 euros per share approved by the shareholders' meeting and which will be paid on May 24, 2023. “Although current market conditions have deviated from our basic assumption, we reaffirm our goals of 6-8 billion euros of net inflows and 450 million euros of net profit for 2023”, said Gabriele Blei, CEO of the group.
"I think that the 'owls' of the inducements are left badly and that reality shows how our more than 400.000 customers worldwide, of which 240.000 in Italy, continue to receive positive net performance on their investments from Azimut (net weighted average performance of 8,4%) and that Azimut is able to generate significant net earnings for shareholders,” said the president of the Azimut group, Pietro Giuliani, recalling that it has “just launched the new product on historic cars, the first and only evergreen and sustainable investment fund in the sector in the world, which allows Azimut to further expand on high-end customers, enhancing and contributing to the strengthening of the technicians and know-how that Italy has always expressed in the sector of the car".
Returning to the accounts, the recurring management fees they stood at 284,8 million in the first quarter, up by 11%. THE insurance revenues amounted to 29,1 million (from 22,7 million), thanks to performance fees. THE operating costs totals decreased by 8% to 176,6 million, while the depreciation and provisions they dropped to 4,4 million (from 9,1 million).
The Azimut Group registered in April a net collection positive for 270 million (277 million in April 2022), with the total since the beginning of the year reaching 2,846 billion (1,943 billion in the same period of 2022), of which 70% of net inflows went to asset management products .The AuM at the end of April they amounted to €6,9 billion (over 11 times compared to the beginning of 2020), equal to 12% of assets under management. Total assets including assets under administration stood at 82,7 billion at the end of April, of which 57 billion refer to assets under management, with an increase of 5% since the beginning of the year.
At Piazza Affari, the title sells 1,38% at 20,01 euro per share.
