Fineco, heading for a 'record-breaking' 2024 after more than 320 million in half-year profits

(Il Sole 24 Ore Radiocor) - Finecobank closed the first half of 2024 with growing revenues and profits, leading the group to improve its outlook for the full year, forecasting 'record' profits and revenues.

Between January and June, the bank led by Alessandro Foti reported revenues of EUR 658.3m, up 9.6% year-on-year, and a net profit of EUR 320.3m, up 9.8% year-on-year, excluding systemic charges. Revenue growth was driven by Investing (+11.9%), thanks to volume effect and the growing contribution of Fineco Asset Management, Brokerage (+13%) and Financial Margin (+10.7%). Total financial assets as at 30 June 2024 stood at €131.3 billion, up 13.3% compared to June 2023. In the first half funds totalled 5 billion, broadly in line with the same period last year. Assets under management amounted to EUR 1.5 billion, assets under administration to EUR 4.4 billion, while direct deposits were negative by EUR 900 million. During the first half of the year, 73,593 new customers were acquired (+22.5% year-on-year), bringing the total to over 1.6 million.

Fineco expects a 'record profit' for the whole of 2024. This was announced by the bank when presenting its half-year results. In detail, "revenues are expected to be at record levels, with an improved mix in favour of commissions", thanks to Investing (expected low double-digit growth), ccommissions in line with 2023 and solid brokerage revenues, with a revenue base "significantly higher than pre-Covid (on a like-for-like volatility and market volumes)". The bank also expects a rising dividend per share. The Cet1 and leverage ratio are expected to rise. On the leverage ratio the target is to remain above 4.5%. Fineco confirms the expectation of "robust high-quality funding" and "the continuation of the strong growth trend in new customers".

"The positive results of the first half of the year confirm Fineco's ideal positioning to respond to the new needs of Italian savers, thanks to the integration between the advisory network and proprietary platforms," comments Alessandro Foti, CEO and general manager. "The development of evolved advisory services together with the strengthening of brokerage highlight the strong investment drive by clients and open up new growth opportunities for the bank." Fineco's attractiveness "is confirmed by the continuous increase in new clients, further progressing even compared to 2023, the year that set an all-time record of new accounts opened".