Table of Contents:
Collection and growth: the numbers of Fineco Bank
In October, Fineco Bank doubled its annual inflows, reaching around 1 billion euros. Managed inflows are estimated at about 430 million euros, with a significant share of Fineco Asset Management’s retail income, equal to about 460 million. These results were recently announced by the institution, which approved the financial data for the third quarter
.
Performance and growth strategies
Alessandro Foti, CEO of FinecoBank, emphasized that the data for the third quarter confirm a steady growth path for the institution, involving all business areas.
The solutions offered by the network of financial advisors, supported by Fineco Asset Management and an advanced consulting platform, continue to stimulate the increase in commissions in the investing sector. In addition, the expansion of the client base has allowed the brokerage sector to maintain high levels of performance
.
Prospects for the future
The estimates for the October harvest are in line with expectations, positioning Fineco to close 2024 with a new profit record. In the month, 15,083 new customers were acquired, an increase of 27.9% compared to the previous year. Brokerage revenues are estimated at around 18 million euros. Fineco reported total revenues of 984.1 million euros, an increase of 7.3% compared to the previous year, driven by Investing (+11.7%) and brokerage (+11.4%
).
Costs and profits: an in-depth analysis
Fineco Bank’s operating costs amount to 239.1 million euros, an increase of 10.8% compared to the previous year. The Cost/Income ratio stands at 24.3%, highlighting the institution’s operating leverage. Net profit amounted to 490 million euros, an increase of 7.9% compared to the previous year. The assets managed by Fineco Asset Management amount to 34.8 billion euros, with significant growth in the retail classes (+25.7%
).
Innovation and new products
Fineco continues to develop its range of products, launching a new version of the Global Credit Coupon, which offers customers exposure to fixed income with capital protection. In addition, a new decumulation strategy, Global Defense Target Passive, has been introduced to gradually accompany customers towards equities. The institution expects record revenues in 2024, with an improvement in the mix in favor of commissions, thanks to the expected increase in the investing sector
.
Conclusions and Expectations
Fineco Bank is preparing for 2024 full of opportunities, with revenue growth forecasts and an increase in the dividend per share. The bank is carefully considering the distribution of excess capital, considering the possibility of business growth exceeding expectations. With a robust collection and a continuous acquisition of new customers, Fineco positions itself as a key player in the Italian banking landscape
.
