Table of Contents:
Net income and growing assets
In October, Fineco Bank achieved net inflows of 979 million euros, an increase of 98% compared to 496 million euros in the same month of the previous year. This result not only highlights the growing interest of savers in managed savings solutions, but also the bank’s ability to attract new customers.
The bank’s total assets rose to 136.3 billion euros, compared to 115.1 billion euros in October 2022, an increase of 18%.
Growth in Private Banking and in the asset mix
The assets of Private Banking showed a positive performance, reaching 65.4 billion euros, up from 50.6 billion euros the previous year (+29%). The asset mix saw strong growth in the managed component, which reached 429 million euros, a significant increase compared to 13 million euros in October 2022.
Fineco Asset Management’s retail inflows recorded the best monthly result since the beginning of the year, with 460 million euros, more than compensating for outflows from insurance, which amounted to -97 million euros.
Acquisition of new customers and financial performance
October marked an all-time record for the acquisition of new customers, with 15,083 new customers (+28% compared to the previous year), bringing the total to 1,635,980 customers. This result is particularly significant, considering the closure of about half of the accounts in the United Kingdom in view of the definitive exit from the British market. Fineco Bank’s total revenues amounted to 984.1 million euros, an increase of 7.3% compared to the previous year, driven by an increase in the investing and brokerage sectors. Net profit reached 490 million euros, up 7.9% compared to the previous year
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Positive outlook for the future
Fineco Bank released an optimistic outlook for 2024, predicting record revenues and an improvement in the mix in favor of commissions. A low double-digit increase in revenues is estimated compared to 2023, with a similar trend also expected in 2025. Bank fees are expected to be in line with 2023, with a slight decline in 2025 due to new regulations on instant transfers. These results highlight not only the bank’s strength, but also its ability to adapt to constantly evolving market dynamics
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