Performance in private banking
Banca Profilo closed the first nine months of 2024 with results that, although showing a certain decline, show overall strength. Net revenues in the private banking sector amounted to 24.9 million euros, recording a decrease of 2.5 million euros compared to the same period of the previous year, equal to a decrease of 9%. This reduction is mainly attributable to a lower contribution of the interest margin and to a decrease in commissions, in particular those related to alternative funds and insurance policies
.
Bending and resilience factors
The interest margin contracted by 9.3% compared to the first nine months of 2023, despite an increase in average volumes, especially in the maturity component. This phenomenon is due to the fact that the repricing of direct funds in private banking occurs more quickly than in traditional retail banks. In addition, net inflows showed a negative trend, contributing to the decrease in total assets, which stopped at 5.1
billion euros.
Overall results and financial strength
Looking beyond the private banking segment, Banca Profilo recorded an increase in total customer inflows, which reached 6.1 billion euros, an increase of 4% compared to the previous year. This result is a positive sign for the institution, which shows a certain resilience despite the challenges faced in the sector. In addition, the CET 1 ratio stands at 22.9%, one of the highest in the market, confirming the group’s capital strength. Finally, consolidated net revenues stopped at 53 million euros, a decrease of 6.8% compared to the previous year
.