Full Year 2024 FinecoBank Banca Fineco SpA Earnings Call Transcript
Key Points
- FinecoBank SpA (FNBKY) achieved a record net profit of EUR 652.3 million in 2024, marking a 7.1% increase year on year.
- Revenues reached EUR 1.316 billion, up by 6.4% year on year, supported by all product lines.
- Brokerage revenues increased by 30% year on year, driven by an expansion of active investors.
- The bank's cost-income ratio was maintained at a low 25.2%, highlighting strong operating leverage.
- FinecoBank SpA (FNBKY) plans to propose a dividend per share of EUR 0.74, a 7% increase year on year.
- Operating costs increased by 6.1% year on year, excluding costs related to business growth.
- Banking fees are expected to slightly decrease in 2025 due to new regulations on instant payments.
- The number of financial advisers saw a small drop, attributed to industry-wide trends and fiscal incentives.
- The bank anticipates a 6% growth in operating costs for 2025, with additional costs for growth initiatives.
- There is uncertainty regarding the impact of interest rate changes on net interest income, making precise forecasting challenging.
Good morning. This is the (inaudible) conference operator. Welcome and thank you for joining the FinecoBank fourth-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 Finco Bank. Please go ahead, sir.
Good morning, everyone, and thank you for joining our fourth-quarter 2024 results conference call.
Net profit in 2024 reached a new record high up to EUR652.3 million, up by 7.1% year on year. Revenues achieved EUR1 billion and EUR316.5 million, increasing by 6.4% year on year, supported by all our products. Net financial income is increasing by 3.4% year on year, investing 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 by 30% year on year, thanks to the enlargement of our active investors. Operating costs well under control at EUR332 billion, increasing by 6.1% excluding
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