Q3 2024 FinecoBank Banca Fineco SpA Earnings Call Transcript
Key Points
- FinecoBank SpA (STU:ZS3) reported a net profit of EUR490 million for the first nine months of 2024, marking a 7.9% increase year-on-year.
- Revenues increased by 7.3% year-on-year to EUR984.1 million, supported by growth across all product areas.
- The bank's cost-income ratio was maintained at a low 24.3%, highlighting strong operating leverage.
- FinecoBank SpA (STU:ZS3) achieved a significant increase in new client acquisition, up by 26.5% compared to 2023, with October marking the best month since the bank's inception.
- The bank's capital position remains robust with a common equity Tier 1 ratio of 27.3% and a leverage ratio of 5.25%.
- Operating costs increased by 6.7% year-on-year, driven by expenses related to business growth, including Fineco Asset Management and marketing.
- Banking fees are expected to remain stable in 2024 but may see a slight decrease in 2025 due to new regulations on instant payments.
- The bank is delaying decisions on excess capital distribution due to anticipated higher-than-expected deposit growth.
- Investment margins are under pressure due to a shift in client interest towards short-term fixed income solutions.
- The bank faces a competitive environment with aggressive recruitment strategies from other players, potentially impacting its financial planner base.
Good afternoon. This is the Chorus call conference operator. Welcome, and thank you for joining the FinecoBank third quarter 2024 results conference call. (Operator Instructions).
At this time, I would like to turn the conference over to Mr. Alessandro Foti, CEO and General Manager of FinecoBank. Please go ahead, sir.
Good afternoon, everyone, and thank you for joining our third quarter 2024 results conference call, where we will also deep dive on the expectations for a further acceleration of our growth.
Net profit in the first nine months of 2024 was equal to EUR490 million, up by 7.9% year-on-year revenues at EUR984.1 million, increasing by 7.3% year-on-year and supported by all our product are net financial income is increasing by 6.4% year-on-year, investing up by 11.7% year-on-year, thanks to the volume effect and the higher control of the value chain by Fineco Asset Management.
And the brokerage is up 11.4% year-on-year
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