FinecoBank today presented the results achieved in 2022. The year closed with a record net profit of 428.8 million (+22.8% on year) while revenues increased by 17.8% to 948.1 million .
The BoD will propose the distribution of a dividend of 0.49 euro per share.
In the new interest rate scenario, Fineco has improved its estimates on the financial margin in banking for 2023 to +80% on 2022 from the previous estimate of growth of at least 70%.
Commissions in the current year, again in the banking area, are instead expected to be in line with 2022 from the previous growth estimate.
In the investing segment, Fineco sees an increase in “high single digit” revenues for 2023 including the market effect until the end of January, with margins on net management fees higher on the year. Net inflows under management are expected to be around €5 billion in 2023 and 2024.
Going back to the results for the year, the financial margin stood at 392.2 million, +40.1%, while net commissions rose by 3.3% to 465.6 million.
Meanwhile, expansion is taking place on the horizon. Finecobank confirmed the landing in Germany “which will be operational from the end of 2023”.
This was stated by Alessnadro Foti, CEO of Finecobank today during a press conference on the occasion of the annual results. The banker explained that the entry into the German market will take place in two steps: first through the brokerage and multicurrency platform and secondly through investing.
Foti also confirmed that the bank will be present in Germany only through its platform and not with a network of advisors. From 2024 Fineco will also look at other continental markets including France and Spain. The focus will remain on Italy.