FinecoBank announced that it closed the first nine months of the year with a new record net profit of € 257.2 million, up 4.4% on an annual basis compared to
first nine months of 2020 (which was the best result ever), despite the higher systemic contributions (€ -37.7 million compared to € -28.9 million in the first nine months of 2020).
Revenues amounted to € 596.9 million, up by 4.1% on an annual basis, driven by Investing (+ 25.1%) thanks to the growing contribution of Fineco Asset Management, to the growth in volumes of managed savings and higher net margins on assets.
Operating costs amounted to € 187.6 million, + 6.7% yoy (+ 5.2% yoy).
The Cost / Income ratio was 31.4%, confirming the Bank’s operating leverage.
Fineco Asset Management assets under management amounted to € 21.6 billion, of which € 13.9 billion related to retail classes (+ 47.2% yoy).
Activities related to the strategic discontinuity are proceeding, which will allow FAM to take greater control of the value chain.
With regard to the results of the third quarter of 2021, revenues amounted to € 193.5 million, a slight decrease compared to the previous quarter (-1.2%) mainly attributable to seasonal effects and an increase of 6.6% compared to the third quarter 2020.
The financial margin in the third quarter was € 69.2 million, down by 4.9% compared to the quarter
previous year and up by 1.0% compared to the same quarter of 2020.
Net commissions amounted to € 110.1 million, up compared to € 106.3 million in the second quarter of 2021 and up by 19.3% compared to 92.3 million in the third quarter of 2020, mainly thanks to the commissions generated by the ‘Investing area (€ 71.4 million, + 9.7% qoq and + 29.9% y / y).
Gross profit for the quarter was € 100.9 million, down from € 127.7 million in the previous quarter and up 11.3% from € 90.7 million in the same period of 2020.
Net profit for the quarter was € 72.6 million, down from 89.9 million in the previous quarter and up by 11.1% compared to 65.3 million in the third quarter of 2020.
Thus Alessandro Foti, Chief Executive Officer and General Manager of FinecoBank, commenting on the results:
“We close the first nine months of the year with strong growth results, which confirm the bank’s solidity and once again the strength of the well-diversified and sustainable business model. In a context that sees the acceleration of digitalisation in all areas areas of the company, the technological DNA that has distinguished Fineco since its inception places our integrated platform in an ideal situation to offer the most effective response to customers who are increasingly interested in investing. Finally, the October collection data continues the growth trend robust with a great impetus in managed savings, highlighting the ability of our professionals to meet the planning needs of customers with advanced and innovative solutions “.