Earnings Release • Jul 31, 2017
Earnings Release
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| Informazione Regolamentata n. 1615-63-2017 |
Data/Ora Ricezione 31 Luglio 2017 12:48:17 |
MTA | |
|---|---|---|---|
| Societa' | : | FINECOBANK | |
| Identificativo Informazione Regolamentata |
: | 92480 | |
| Nome utilizzatore | : | FINECOBANKN05 - Spolini | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 31 Luglio 2017 12:48:17 | |
| Data/Ora Inizio Diffusione presunta |
: | 31 Luglio 2017 12:48:18 | |
| Oggetto | : | PR_1H17 Results | |
| Testo del comunicato |
Vedi allegato.
Milan, July 31st, 2017
Net profit: €104.3 million, +3.2% y/y1 (+6.8% y/y excluding the sale of government securities2 in Q1 2016)
Operating income: €282.7 million, +3.3% y/y1 (+5.2% y/y excluding the sale of government securities2 in Q1 2016)
Operating costs: €121.2 million, +2.9% y/y
CET1 ratio: 22.14% (transitional)
Total net sales: €2.9 billion (+9% y/y) of which Guided Products & Services €2.0 billion (+17% y/y)
| FINECOBANK | |
|---|---|
| 1H17 HIGHLIGHTS |
Revenues €282.7 million, +3.3% y/y1 (+5.2% y/y excluding the sale of government securities2 in Q1 2016) driven by the Investing area (+13.7% y/y), with management fees up 15.3% y/y sustained by the the continuous improvement in the asset mix and by the network's productivity, and by the Banking area (+6.9% y/y), thanks to the increase in transactional liquidity and lending. Solid performance for the Brokerage area despite volatility at the bottom since 2013 Operating costs well under control at €121.2 million, +2.9% y/y. Cost/Income ratio stable at 43% €104.3 million, +3.2% y/y1 Net profit (+6.8% y/y excluding the sale of government securities2 ), the best half year ever Total financial assets: €63.6 billion (+15% y/y) Total net sales: €2.9 billion (+9% y/y) of which guided products & services €2.0 billion (+17% y/y) |
| UPDATE ON |
The boost in lending offer continues, with a strong focus on credit quality. |
1 Change adjusted for non-recurring items recorded in the first half of 2016: sale of the stake in Visa Europe Limited for a profit net of tax of €10.3 million and tax release of €6.5 million following a positive settlement a tax disputes. 2 €3.4 million net (€5 million gross) from the sale of government securities recorded in the "Available-for-sale financial assets" portfolio. This sale (€704 million nominal value, at floating rate, with average remaining maturity of less than 3 years) was made to mitigate the exposure to interest rate risk and lengthen the duration of the investment. A corresponding amount of government securities was purchased in the same quarter (€706 million nominal value with maturity between three and six years).
| INITIATIVES | Mortgages up +248% q/q, personal loans +69.6% y/y, +9.8% q/q. The new € 129 million (as at July, 27th Credit Lombard started with granted loans at , 2017), up 131% in just one month Strong focus on the cyborg-advisory approach reflected in the increasing personal financial advisors' productivity and in the continuous improvement of the asset mix: 61% of 1H17 net sales represented by assets under management Strong positioning in the Private segment continues, with TFA growing to €24.0 billion (+22% y/y) The project aimed at the constitution of an Irish Asset Management Company fully owned by FinecoBank was launched. The goal of the project is to further increase the Bank's competitiveness through a vertically integrated business model and to diversify and improve the offer |
|---|---|
The Board of Directors of FinecoBank S.p.A. has approved the results at June 30th, 2017.
Alessandro Foti, CEO and General Manager of FinecoBank, stated:
"We are particularly satisfied about the 2017 first half results, the best ever. These figures testify once again the efficiency of a diversified and sustainable business model, able to both obtain solid results in every market conditions and to answer to our customers' financial needs. These results confirm the first positive signals coming from the implementation of the new initiatives put in place in order to accelerate the organic growth of Fineco, among which the strengthening of the lending business and the strong effort toward a better quality in the inflows' asset mix. At this regard, it is worth mentioning the project for the constitution of an Asset Management Company, aiming at further strengthen the competitiveness of the Bank".
Total Financial Assets at June 30th, 2017 amounted to €63.6 billion, up 15% on June 2016 with a continuous improvement in the quality of total net sales. The penetration of "Guided Products & Services" on total AuM is constantly increasing, reaching 60% compared to 51% in June 2016 and 56% in December 2016. The stock of Assets under Management was €30.6 billion at June 30th, 2017, up 18.2% compared to the end of June 2016. Assets under Custody totalled €13.9 billion (+9.3% y/y) and direct deposits came to €19.1 billion (+12.8% thanks to the continuous growth in new customers and "transactional" deposits).
Total Financial Assets related to Private Banking segment, i.e. with assets above € 500,000, totaled €24.0 billion, up 22% y/y.
Total net sales amounted to €2.9 billion, of which €1.8 billion Assets under Management (+€1.5 billion y/y) and €0.5 billion of Assets under Custody, while direct deposits came to €0.7 billion. "Guided Products & Services" net sales amounted to €2.0 billion (+17% y/y).
At June 30th, 2017, the network is composed by 2,642 Personal Financial Advisors (2,628 at the end of 2016) with 370 Fineco Centers. Total net sales through the PFA network in the first six months of the year totalled €2.6 billion, up 16.4% on the same period of 2016.
In terms of customers' acquisition, since the beginning of the year 61,756 new clients have been acquired (+4% y/y), of which 9,378 in June. Total number of customers was close to 1,162,000 as of June 30th 2017, up 7% compared to June 2016.
| mln | 1Q16 2Q16 Adj | 1H16 Adj | 1Q17 | 2Q17 | 1H17 | 1H17/ 1H16 |
2Q17/ 2Q16 |
2Q17/ 1Q17 |
|
|---|---|---|---|---|---|---|---|---|---|
| Net interest income | 62.2 | 61.2 | 123.4 | 62.9 | 64.3 | 127.2 | 3.0% | 5.0% | 2.2% |
| Net commissions | 58.2 | 59.7 | 117.8 | 64.7 | 65.0 | 129.7 | 10.1% | 9.0% | 0.5% |
| Trading profit | 19.6 | 11.9 | 31.6 | 13.7 | 12.3 | 26.0 | -17.7% | 2.9% | -10.4% |
| Other expenses/income | 0.1 | 0.7 | 0.8 | 0.5 | -0.8 | -0.2 | n.m. | n.m. | n.m. |
| Total revenues | 140.1 | 133.5 | 273.6 | 141.8 | 140.8 | 282.7 | 3.3% | 5.5% | -0.7% |
| Staff expenses | -18.7 | -19.0 | -37.7 | -19.2 | -19.7 | -38.9 | 3.2% | 3.7% | 2.6% |
| Other admin.expenses | -39.3 | -36.1 | -75.4 | -39.2 | -38.2 | -77.4 | 2.7% | 6.0% | -2.4% |
| D&A | -2.2 | -2.4 | -4.6 | -2.3 | -2.5 | -4.8 | 4.8% | 2.7% | 7.4% |
| Operating expenses | -60.2 | -57.5 | -117.7 | -60.7 | -60.4 | -121.2 | 2.9% | 5.1% | -0.4% |
| Gross operating profit | 79.9 | 76.0 | 155.9 | 81.1 | 80.4 | 161.5 | 3.6% | 5.8% | -0.9% |
| Provisions | -1.4 | -1.1 | -2.6 | -2.4 | -0.8 | -3.1 | 23.4% | -30.6% | -67.5% |
| LLP | -1.4 | -1.4 | -2.8 | -0.5 | -1.0 | -1.5 | -45.0% | -26.5% | 85.5% |
| Integration costs | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Profit from investments | 0.0 | 0.0 | 0.0 | 0.0 | -0.4 | -0.4 | n.m. | n.m. | n.m. |
| Profit before taxes | 77.1 | 73.5 | 150.5 | 78.2 | 78.3 | 156.5 | 3.9% | 6.5% | 0.1% |
| Income taxes | -25.8 | -23.7 | -49.5 | -26.5 | -25.7 | -52.2 | 5.3% | 8.3% | -3.1% |
| Net profit adjusted 1 | 51.2 | 49.8 | 101.0 | 51.7 | 52.6 | 104.3 | 3.2% | 5.6% | 1.7% |
Revenues in the first six months of 2017 amounted to €282.7 million, up 3.3% y/y compared to the first half of 2016, net of the gain on the sale Visa Europe Limited stake. Excluding the profit from the sale of government securities equal to €5 million in Q1 2016, revenues were up 5.2% y/y.
Net interest came to €127.2 million, up 3.0% y/y compared to €123.4 million for the first half of 2016. Lower interest income linked to the decline in market interest rates was more offset by the increase of transactional liquidity, the reduction of the cost of term deposits and higher lending volumes. The average gross margin related to financial investment amounted to 1.22% in the half 2017 compared to 1.38% in the same period of 2016.
Net fees and commissions in first half 2017 totaled €129.7 million, up €11.9 million compared to the first six months of 2016 (+10.1% y/y). The increase was mainly driven by the growth in net fees coming from asset management products (+€6.9 million y/y) and investment advisory services (+€6.6 million y/y) thanks to the continuous growth of assets under management and of "Guided Products & Services" as a percentage of total AuM.
Trading profit amounted to €26 million (-17.7% y/y net of non-recurring items related to the abovementioned Visa sale). With regard to this reduction, we must note that in the first quarter of 2016, €5 million of revenues coming from the sale of government securities were recorded under the "Available-forsale financial assets" portfolio. This transaction was carried out in order to mitigate exposure to interest
1 Net profit adjusted for non-recurring items recorded in the second quarter of 2016: sale of the stake in Visa Europe Limited for a profit net of tax of €10.3 million and tax release of €6.5 million following a positive settlement of tax disputes.
rate risk and to lengthen the duration of the investment. Excluding those revenues, there were no significant changes in trading profit line compared to the first half of 2016.
Operating costs well under control at €121.2 million (+2.9% y/y) despite the continuous expansion of the business, assets and customers thanks to the strong operational efficiency of the Bank.
Staff expenses amounted to €38.9 million (+3.2% y/y), mainly for the increase in the number of employees up to 1,114 at June 30th, 2017 from 1,071 at June 30th, 2016.
Other administrative expenses amounted to €77.4 million (+€2 million y/y).
Gross Operating profit totalled €161.5 million, up 3.6% y/y, net of the profit realized from the sale of the stake in Visa Europe Limited. Excluding the gain from the sale of government securities of €5 million in Q1 2016, operating profit was up 7.1% y/y.
Loan loss provisions were at €1.5 million, down €1.3 million on the same period of the previous year. The cost of risk was 24 bps (62 bps for the first half of 2016 and 43 bps for the FY 2016). The decrease was due to several factors: the increase in outstandings also with secured and low-risk products, as well as writebacks recorded in the first quarter of 2017 to reflect the costant improvement in the quality of the portfolio.
Provisions for risks and charges for the first half of 2017 amounted to €3.1 million, up 23.4% on the €2.6 million recorded at June 30th, 2016.
Profit before taxes amounted at €156.5 million, up 3.9% y/y, net of the profit realized on the sale of the stake in Visa Europe Limited. Excluding the revenue from the sale of government securities of €5 million in Q1 2016, net profit before tax from continuing operations was up 7.5% y/y.
Net profit totalled €104.3 million, up 3.2% net of non-recurring items1 compared to the first half of 2016. Net of the profits from the sale of government securities of €5 million in Q1 2016, the profit for the period was up 6.8% y/y.
Fineco maintained its solid capital position with a CET1 ratio (transitional) at 22.14% on June 30th, 2017.
Net interest income for the second quarter came to €64.3 million, up 2.2% on the previous quarter and 5.0% on the second quarter of 2016, mainly driven by increasing deposits and and lending volumes.
Net fees and commissions amounted to €65.0 million, up 0.5% q/q mainly due to the increase in recurring fee and commission income from assets under management, partly offset by lower brokerage commissions due to lower volatility in the period. Compared to the second quarter of 2016 this item increased by 9.0% y/y mainly driven by management fees.
Trading profit at €12.3 million, up 2.9% on the previous year, net of the profit realized on the sale of the equity investment in Visa Europe Limited, and down by €1.4 million on the first quarter of 2017.
Revenues amounted to €140.8 million, up 5.5% y/y, net of the non-recurring item relating to Visa, driven by the Investing and the Banking area. The q/q decrease (-0.7%) was mainly due to Other expenses/income.
Total operating costs in the second quarter at €60.4 million, essentially stable q/q (-0.4%) and up by €2.9 million y/y mainly due to expenses to support the business.
Profit before taxes amounted to €78.3 million, up 6.5% on the second quarter of 2016, net of the profit realized on the sale of the stake in Visa referred to above, mainly due to the increase in revenues. The figure was substantially in line with the first quarter of 2017.
Net profit for the second quarter was €52.6 million, up 1.7% on the €51.7 million recorded in the first quarter of 2017 and 5.6% y/y net of non-recurring items recorded in the second quarter of 20161 .
Also in the first half, the Bank continues its focus on new initiatives.
In the Banking area, the Bank added a lot of fuel to Lending, with a strong focus on credit quality sustained by the strategy to offer lending exclusively to existing clients leveraging on Big Data analytics.
Mortgages, launched at the end of 2016, totalled € 257 million at June 30th, 2017, +248% on March. Personal loans amounted to €310 million, +69.6% y/y and +9.8% q/q. New Credit Lombard was launched: granted volumes totalled € 129 million as of July 27th, 2017 (+131% in just one month) and drawn volumes up to €42.6 million, while on-going requests are up to €153 million.
As regards the Investing Area, Private Banking was relaunched, to further strengthen the Bank's positioning in this segment, with growing TFA up to €24.0 billion (+22% y/y), equal to 38% of the Bank's total financial assets (up 2 p.p. y/y).
The productivity of the network constantly growing. The average portfolio per financial advisor amounted to €20.7 million, up 15.2% y/y and 2.5% q/q. The asset mix also continued to improve: 61% of the net sales for the first half of 2017 refered to Assets under Management.
The project aimed at the constitution of an Irish Asset Management Company fully owned by FinecoBank started. The goal is to further increase the Bank's competitiveness through a vertically integrated business model, diversify and improve the offer. The offer will be composed by UCITS, with a strategy focused on strategic asset allocation and on the selection of the best international players.
| DECEMBER 31 | JUNE 30 | Absolute | ||
|---|---|---|---|---|
| ASSETS | 2016 | 2017 | changes | % |
| Cash and cash balances | 5 | 2,902 | 2,897 | 57940.0% |
| Financial assets held for trading | 6,044 | 9,791 | 3,747 | 62.0% |
| Loans and receivables with banks | 15,735,540 | 14,827,089 | (908,451) | -5.8% |
| Loans and receivables with customers | 1,016,798 | 1,503,867 | 487,069 | 47.9% |
| Financial investments | 3,757,529 | 4,760,269 | 1,002,740 | 26.7% |
| Hedging instruments | 9,211 | 15,417 | 6,206 | 67.4% |
| Property, plant and equipment | 14,451 | 15,396 | 945 | 6.5% |
| Goodwill | 89,602 | 89,602 | - | - |
| Other intangible assets | 7,731 | 8,025 | 294 | 3.8% |
| Tax assets | 13,165 | 9,276 | (3,889) | -29.5% |
| Other assets | 336,300 | 271,613 | (64,687) | -19.2% |
| TOTAL ASSETS | 20,986,376 | 21,513,247 | 526,871 | 2.5% |
(Amounts in € thousand)
| DECEMBER 31 | JUNE 30 | Variazione | Variazione | |
|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2016 | 2017 | assoluta | % |
| Deposits from banks | 1,111,106 | 929,859 | (181,247) | -16.3% |
| Deposits from customers | 18,801,073 | 19,440,617 | 639,544 | 3.4% |
| Financial liabilities held for trading | 2,626 | 4,113 | 1,487 | 56.6% |
| Hedging instruments | 11,371 | 16,084 | 4,713 | 41.4% |
| Provisions for risks and charges | 111,756 | 102,123 | (9,633) | -8.6% |
| Tax liabilities | 10,048 | 19,525 | 9,477 | 94.3% |
| Other liabilities | 257,097 | 380,059 | 122,962 | 47.8% |
| Shareholders' Equity | 681,299 | 620,867 | (60,432) | -8.9% |
| - capital and reserves | 476,249 | 522,475 | 46,226 | 9.7% |
| - revaluation reserves (available-for-sale financial assets | ||||
| and actuarial gains (losses) for defined benefits plans) | (6,794) | (5,875) | 919 | -13.5% |
| - net profit (loss) | 211,844 | 104,267 | (107,577) | -50.8% |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 20,986,376 | 21,513,247 | 526,871 | 2.5% |
| JUNE 30 | SEPTEMBER 30 | DECEMBER 31 | MARCH 31 | JUNE 30 |
|---|---|---|---|---|
| 2016 | 2016 | 2016 | 2017 | 2017 |
| 11 | 8 | 5 | 615 | 2,902 |
| 6,879 | 5,547 | 6,044 | 5,714 | 9,791 |
| 15,299,291 | 14,441,864 | 15,735,540 | 15,461,841 | 14,827,089 |
| 880,232 | 971,888 | 1,016,798 | 1,166,180 | 1,503,867 |
| 2,926,175 | 3,586,682 | 3,757,529 | 3,906,456 | 4,760,269 |
| 9,018 | 7,559 | 9,211 | 12,410 | 15,417 |
| 13,896 | 14,366 | 14,451 | 14,379 | 15,396 |
| 89,602 | 89,602 | 89,602 | 89,602 | 89,602 |
| 7,608 | 7,557 | 7,731 | 7,702 | 8,025 |
| 5,880 | 5,578 | 13,165 | 14,486 | 9,276 |
| 322,264 | 321,867 | 336,300 | 247,202 | 271,613 |
| 19,560,856 | 19,452,518 | 20,986,376 | 20,926,587 | 21,513,247 |
| JUNE 30 | SEPTEMBER 30 | DECEMBER 31 | MARCH 31 | JUNE 30 | |
|---|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2016 | 2016 | 2016 | 2017 | 2017 |
| Deposits from banks | 1,361,666 | 1,139,241 | 1,111,106 | 980,245 | 929,859 |
| Deposits from customers | 17,133,049 | 17,249,625 | 18,801,073 | 18,883,826 | 19,440,617 |
| Financial liabilities held for trading | 6,300 | 4,822 | 2,626 | 2,228 | 4,113 |
| Hedging instruments | 17,657 | 15,304 | 11,371 | 16,738 | 16,084 |
| Provisions for risks and charges | 119,258 | 117,360 | 111,756 | 113,060 | 102,123 |
| Tax liabilities | 23,046 | 47,409 | 10,048 | 36,073 | 19,525 |
| Other liabilities | 296,926 | 222,813 | 257,097 | 162,730 | 380,059 |
| Shareholders' Equity | 602,954 | 655,944 | 681,299 | 731,687 | 620,867 |
| - capital and reserves | 471,789 | 474,255 | 476,249 | 690,077 | 522,475 |
| - revaluation reserves (available-for-sale financial assets | |||||
| and actuarial gains (losses) for defined benefits plans) | 13,383 | 19,316 | (6,794) | (10,084) | (5,875) |
| - net profit (loss) | 117,782 | 162,373 | 211,844 | 51,694 | 104,267 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 19,560,856 | 19,452,518 | 20,986,376 | 20,926,587 | 21,513,247 |
CONDENSED INCOME STATEMENT
| 1 SEMESTER | 1 SEMESTER | Absolute | ||
|---|---|---|---|---|
| 2016 | 2017 | changes | % | |
| Net interest | 123,449 | 127,188 | 3,739 | 3.0% |
| Dividends and other income from equity investments | - | 12 | 12 | n.c. |
| Net fee and commission income | 117,821 | 129,707 | 11,886 | 10.1% |
| Net trading, hedging and fair value income | 46,926 | 25,992 | (20,934) | -44.6% |
| Net other expenses/income | 758 | (233) | (991) | -130.7% |
| OPERATING INCOME | 288,954 | 282,666 | (6,288) | -2.2% |
| Payroll costs | (37,716) | (38,924) | (1,208) | 3.2% |
| Other administrative expenses | (117,724) | (123,893) | (6,169) | 5.2% |
| Recovery of expenses | 42,337 | 46,492 | 4,155 | 9.8% |
| Impairment/write-backs on intangible and tangible assets | (4,609) | (4,833) | (224) | 4.9% |
| Operating costs | (117,712) | (121,158) | (3,446) | 2.9% |
| OPERATING PROFIT (LOSS) | 171,242 | 161,508 | (9,734) | -5.7% |
| Net write-downs of | ||||
| loans and provisions for guarantees and commitments | (2,801) | (1,541) | 1,260 | -45.0% |
| NET OPERATING PROFIT (LOSS) | 168,441 | 159,967 | (8,474) | -5.0% |
| Provisions for risks and charges | (2,553) | (3,150) | (597) | 23.4% |
| Integration costs | (7) | (13) | (6) | 85.7% |
| Net income from investments | - | (353) | (353) | n.c. |
| PROFIT (LOSS) BEFORE TAX | ||||
| FROM CONTINUING OPERATIONS | 165,881 | 156,451 | (9,430) | -5.7% |
| Income tax for the period | (48,099) | (52,184) | (4,085) | 8.5% |
| PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS | 117,782 | 104,267 | (13,515) | -11.5% |
| NET PROFIT (LOSS) FOR THE PERIOD | 117,782 | 104,267 | (13,515) | -11.5% |
| 1 SEMESTER | 1 QUARTER | 2 QUARTER | 1 SEMESTER | |
|---|---|---|---|---|
| 2016 | 2017 | 2017 | 2017 | |
| Net interest | 123,449 | 62,906 | 64,282 | 127,188 |
| Dividends and other income from equity investments | - | 6 | 6 | 12 |
| Net fee and commission income | 117,821 | 64,681 | 65,026 | 129,707 |
| Net trading, hedging and fair value income | 46,926 | 13,710 | 12,282 | 25,992 |
| Net other expenses/income | 758 | 531 | (764) | (233) |
| OPERATING INCOME | 288,954 | 141,834 | 140,832 | 282,666 |
| Payroll costs | (37,716) | (19,216) | (19,708) | (38,924) |
| Other administrative expenses | (117,724) | (62,442) | (61,451) | (123,893) |
| Recovery of expenses | 42,337 | 23,277 | 23,215 | 46,492 |
| Impairment/write-backs on | ||||
| intangible and tangible assets | (4,609) | (2,330) | (2,503) | (4,833) |
| Operating costs | (117,712) | (60,711) | (60,447) | (121,158) |
| OPERATING PROFIT (LOSS) | 171,242 | 81,123 | 80,385 | 161,508 |
| Net write-downs of | ||||
| loans and provisions for guarantees and commitments | (2,801) | (540) | (1,001) | (1,541) |
| NET OPERATING PROFIT (LOSS) | 168,441 | 80,583 | 79,384 | 159,967 |
| Provisions for risks and charges | (2,553) | (2,377) | (773) | (3,150) |
| Integration costs | (7) | (14) | 1 | (13) |
| Net income from investments | - | 8 | (361) | (353) |
| PROFIT (LOSS) BEFORE TAX | ||||
| FROM CONTINUING OPERATIONS | 165,881 | 78,200 | 78,251 | 156,451 |
| Income tax for the period | (48,099) | (26,506) | (25,678) | (52,184) |
| PROFIT (LOSS) AFTER TAX FROM | ||||
| CONTINUING OPERATIONS | 117,782 | 51,694 | 52,573 | 104,267 |
| NET PROFIT (LOSS) FOR THE PERIOD | 117,782 | 51,694 | 52,573 | 104,267 |
The undersigned Lorena Pelliciari, as Nominated Official in charge of drawing up Company Accounts of FinecoBank S.p.A.,
in compliance with the provisions of the second paragraph of Article 154-bis of the "Consolidated Finance Act", that the accounting information contained in this press release corresponds to results in the Company's accounts, books and records.
Milan, July 31st, 2017
Nominated official in charge of drawing up company accounts
FinecoBank is the direct, multi-channel bank of the UniCredit Group. It has one of the largest advisory networks in Italy* and is the leading bank in Italy for equity trades**. FinecoBank offers an integrated business model combining direct banking and financial advice. With a single free-of-charge account including a full range of banking, credit, trading and investment services, which are also available through applications for smartphone and tablet. With its fully integrated platform, FinecoBank is the benchmark for modern investors.
* Source: Assoreti
** Source: Assosim
Contact info: Fineco - Media Relations Fineco - Investor Relations Tel.: +39 02 2887 2256 Tel. +39 02 2887 3295 [email protected] [email protected]
Barabino & Partners Tel. +39 02 72023535 Emma Ascani [email protected] +39 335 390 334
Tommaso Filippi [email protected] +39 366 644 4093
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