Earnings Release • Jul 31, 2018
Earnings Release
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| Informazione Regolamentata n. 1615-66-2018 |
Data/Ora Ricezione 31 Luglio 2018 12:35:51 |
MTA | |
|---|---|---|---|
| Societa' | : | FINECOBANK | |
| Identificativo Informazione Regolamentata |
: | 106966 | |
| Nome utilizzatore | : | FINECOBANKN01 - Spolini | |
| Tipologia | : | 1.2 | |
| Data/Ora Ricezione | : | 31 Luglio 2018 12:35:51 | |
| Data/Ora Inizio Diffusione presunta |
: | 31 Luglio 2018 12:35:52 | |
| Oggetto | : | 1H18 PR | |
| Testo del comunicato |
Vedi allegato.
Milan, July 31st, 2018
Net sales since the beginning of year: €3,596 million (+24% y/y), of which AuM 44%
Total financial assets: €69.83 billion (+10% y/y) of which relative to the Private segment: €27.0 billion (+13% y/y)
| FINECOBANK | |
|---|---|
| 1H18 HIGHLIGHTS |
Revenues at €311.8 million, +10.3% y/y with a positive contribution from all business areas: Investing +9.4% y/y, with management fees up 12.2% y/y, sustained by the continuous improvement in the asset mix and by the network's productivity; Banking +11.7% y/y, which benefited from the increase in transactional liquidity and the higher penetration of Lending; Brokerage +5.7% y/y, which benefited from greater market volatility and a structural improvement linked to the ongoing expansion of the customer base and continuous product innovation Operating costs well under control at €124.6 million, +2.9% y/y. Cost/Income ratio down to 40.0%, -2.9 p.p. compared to the first half of 2017 Net profit at €125.2 million, +20.1% y/y |
| UPDATE ON INITIATIVES |
Look-through approach on underlying assets provided by clients as collateral to credit lombard implemented with a benefit on CET1 ratio transitional equals to +194bps in the second quarter 2018 The boost in the lending offer continues, with a strong focus on credit quality. Mortgages up +39.7% q/q, personal loans +31.3% y/y. Growth in Lombard loans, +140.4% y/y supported by new Credit Lombard Strong positioning in the Private segment continues: total financial assets at €27.0 billion (+12.6% y/y) equal to 39% of total assets In June, the new Asset Management Company obtained the authorisations to operate from competent authorities and starting from July 2nd, 2018, Fineco Asset Management is fully operational |
The Board of Directors of FinecoBank S.p.A. has approved the results as at June 30th, 2018.
Alessandro Foti, CEO and General Manager of FinecoBank, stated:
"Fineco delivers once again strong results, confirming its ability to record a solid and sustainable growth even in a challenging scenario. These results have been achieved also thanks to a very well diversified business model, able to leverage on the two main structural trends in place in Italy, digitalization and increasingly advisory request. Our customers appreciate our most recent innovative services, as confirmed by the performance of our lending business and advanced advisory solutions able to answer their financial needs. The second half of the year opens with Fineco Asset Management fully operational, which will allow us to be even more efficient and profitable and to better face future challenges."
Total Financial Assets at June 30th, 2018 amounted to €69.8 billion, up 10% on the same period of 2017. The stock of Assets under Management increased 11% y/y, reaching €34.5 million, Assets under Custody totalled €14.4 billion (+7% y/y) and direct deposits came to €21.0 billion (+10% y/y) thanks to the continuous growth in new customers and "transactional" deposits.
The TFA related to Private Banking clients, i.e. with assets above €500,000, totalled €27.0 billion, up 13% y/y.
Total net sales since the beginning of the year amounted to €3,596 million (+24% y/y), with a mix consistent with the higher market volatility than the previous year: Assets under Management reached €1,574 million (-13% compared to the same period of 2017), Assets under Custody amounted to €995 million, and direct deposits came to €1,027 million. Since the beginning of the year, sales of "Guided products & services" reached €1,417 million, while the new Plus service continues to find great appreciation among customers, reaching €1,688 million since its recent launch. The penetration of Guided Products on total AuM rose to 64%, compared to 59% in June 2017 and 63% in December 2017.
At June 30th, 2018, the network is composed of 2,621 Personal Financial Advisors across Italy, with 384 Fineco Centers. Net sales through the network of Personal Financial Advisors was €3,237 million, up 22% compared to the same period of 2017.
New customers acquired in the first half of 2018 totalled 58,539. The number of total customers at June 30th, 2018 was over 1,240,000, up 7% compared to the previous year.
| mln | 1Q17 | 2Q17 | 1Q18 | 2Q18 | 1H17 | 1H18 | 1H18/ 1H17 |
2Q18/ 2Q17 |
2Q18/ 1Q18 |
|---|---|---|---|---|---|---|---|---|---|
| Net interest income | 63.0 | 64.3 | 68.9 | 68.7 | 127.3 | 137.6 | 8.1% | 6.9% | -0.2% |
| Dividends | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 62.7% | 121.9% | 94.5% |
| Net commissions | 64.7 | 65.0 | 71.5 | 74.5 | 129.7 | 146.0 | 12.5% | 14.6% | 4.3% |
| Trading profit | 13.7 | 12.3 | 14.5 | 13.1 | 26.0 | 27.6 | 6.3% | 6.5% | -10.0% |
| Other expenses/income | 0.5 | -0.8 | 0.5 | 0.1 | -0.2 | 0.6 | n.m. | n.m. | -80.3% |
| Total revenues | 141.9 | 140.9 | 155.4 | 156.4 | 282.8 | 311.8 | 10.3% | 11.0% | 0.7% |
| Staff expenses | -19.2 | -19.7 | -20.5 | -21.0 | -38.9 | -41.5 | 6.6% | 6.4% | 2.1% |
| Other admin.expenses | -39.2 | -38.2 | -40.8 | -37.5 | -77.4 | -78.3 | 1.2% | -1.8% | -7.9% |
| D&A | -2.3 | -2.5 | -2.3 | -2.5 | -4.8 | -4.8 | 0.1% | -0.3% | 6.8% |
| Operating expenses | -60.7 | -60.4 | -63.6 | -61.0 | -121.2 | -124.6 | 2.9% | 0.9% | -4.1% |
| Gross operating profit | 81.2 | 80.4 | 91.8 | 95.4 | 161.6 | 187.2 | 15.8% | 18.7% | 4.0% |
| Provisions | -2.4 | -0.8 | -1.8 | -1.9 | -3.1 | -3.7 | 17.4% | 149.3% | 8.5% |
| LLP | -0.6 | -1.1 | -1.3 | 0.2 | -1.7 | -1.2 | -29.9% | n.m. | n.m. |
| Profit from investments | 0.0 | -0.4 | 0.0 | 5.2 | -0.4 | 5.2 | n.m. | n.m. | n.m. |
| Profit before taxes | 78.2 | 78.3 | 88.7 | 98.8 | 156.5 | 187.5 | 19.8% | 26.3% | 11.4% |
| Income taxes | -26.5 | -25.7 | -29.7 | -32.6 | -52.2 | -62.3 | 19.4% | 27.0% | 9.8% |
| Net profit | 51.7 | 52.6 | 59.0 | 66.2 | 104.3 | 125.2 | 20.1% | 25.9% | 12.3% |
| income connected to the drop in rates. The average gross margin on interest-earning assets amounted to 1.32% compared to 1.34% at June 30th, 2017. Net commissions in the first half of 2018 amounted to €146.0 million, up €16.3 million compared to the same period of the previous year (+12.5% y/y). The increase is mainly due to the increase in commission income related to management, brokerage and advisory services (+€12.5 million y/y), collection and payment services (+€2 million y/y) and other services mainly related to the introduction of the annual fee on credit cards (+€3 million y/y), partially offset by higher fee and commission expense paid to personal |
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| financial advisors (-€1.5 million y/y). Trading profit amounted to €27.6 million, up compared to €26.0 million in the same period of the previous year (+6.3% y/y). The item mainly comprised profit from internalisation of securities and CFDs, financial instruments used for operational hedging of CFDs and the exchange differences on assets and liabilities denominated in currency. Trading profit also incorporates gains and losses from the financial instruments recognised in "Other assets required to be measured at fair value", including the class "C" preferred shares of Visa INC, whose fair-value measurement resulted in a gain of €1.5 million in the first half of 2018. |
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| Net other expenses/income showed income of €0.6 million, representing an increase of €0.8 million compared to the first half of the previous year, driven mainly by lower costs for settlement agreements and claims, net of insurance reimbursements. |
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| Operating costs for the first six months of 2018 were well under control at €124.6 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 €41.5 million, up 6.6% compared to the first half of 2017, mainly due to the increase in the number of employees up to 1,136 at June 30th, 2018 from 1,103 at June 30th, 2017.It should be noted that the increase includes €0.7 million for staff expenses of the subsidiary Fineco AM, which were not present in the first half of 2017.
Other administrative expenses net of Recovery of expenses, came to €78.3 million, essentially flat yearon-year (+1.2% y/y).
Gross operating profit amounted to €187.2 million, up €25.6 million on the same period of the previous year (+15.8% y/y).
Provisions for risks and charges amounted to €3.7 million, slightly up on the €3.2 million recorded in the first half of 2017.
Loan loss provisions stood at €-1.2 million. It should be noted that the accounting standard IFRS 9, which came into force on January 1st, 2018, introduced a new impairment accounting model for credit exposures and resulted in an extension of the Bank's scope of recognition, so comparison with the first half of 2017 is not significant. The figure for the first half of 2018 saw, on one hand, additional write-downs on retail commercial loans compared to the first half of 2017, driven by the significant increase in performing exposures (non-performing loans remained essentially unchanged compared to the previous year), and on the other hand, benefitted from €2.0 million write-backs on loans and receivables with the Parent Company UniCredit, of which €1.6 million related to deposits, in relation to the improvement in the risk profile of the segment.
Profit from investments stood at €5.2 million. As previously described, the accounting standard IFRS 9 introduced significant changes, so comparison with the first half of 2017 is not significant. The profit from investments in the first half of 2018 mainly includes write-backs on exposures to debt securities issued by the Parent Company UniCredit and recognised in "Financial assets at amortised cost" for €5.7 million.
Profit before taxes amounted to €187.5 million, up 19.8% compared to 1H 2017.
Net profit totalled €125.2 million, up 20.1% compared to the net profit in the first half of 2017.
Fineco maintained its solid capital position with a CET1 ratio (transitional) at 20.66% on June 30th, 2018. The leverage ratio was 6.51% and was calculated in accordance with EU Delegated Regulation 2015/62.
Revenues amounted to €156.4 million, up 11.0% y/y, with a positive contribution from all three business areas. The improvement in net interest income and net commissions compared to the first quarter of 2018 resulted into a slight increase in second quarter 2018 revenues (+0.7% q/q).
Net interest income for the second quarter 2018 came to €68.7 million, in line with the previous quarter and up 6.9% on the second quarter of 2017, mainly driven by increasing sales and the greater penetration of the lending business.
Net commissions totalled €74.5 million, up 4.3% compared to the first quarter of 2018, mainly driven by the increase in management fees and higher banking fees mainly related to credit cards. Net commissions increased by 14.6% compared to the second quarter 2017, mainly driven by management fees and higher banking fees.
Trading profit amounted to €13.1 million, down 10.0% on the previous quarter (€14.5 million) but up 6.5% compared to the second quarter of 2017.
Operating costs amounted to €61.0 million, down 4.1% compared to €63.6 million in the previous quarter, which was affected by the typical seasonality of this item, mainly attributable to the contributions paid for the activities performed by personal financial advisors (FIRR and ENASARCO). The figure was essentially stable on the €60.4 million recorded in the second quarter of 2017.
Profit before taxes amounted to €98.8 million, up 11.4% compared to the previous quarter and 26.3% compared to the second quarter of 2017.
Net profit totalled €66.2 million, up 12.3% compared to the first quarter 2018 and 25.9% compared to the second quarter of 2017.
On June 30th, 2018 this item amounted to €2,633 million, up 23.7% compared to December 31st, 2017 and by 75.1% compared to June 30th, 2017, thanks to the revamp in lending activity (mortgages, personal loans and lombard loans). Total non-performing loans (loans with insolvent borrowers, unlikely to pay and past due) amounted to €2.7 million net of impairment (€2.9 million on December 31st, 2017) with a coverage ratio of 89%. The ratio between non-performing loans and total loans with customers was 0.12% (0.16% as at December 31, 2017).
During the second quarter the Bank, leveraging on its best-in-class internal operational skills, implemented the look-through approach on underlying assets provided by clients as collateral to credit lombard. This allows to reduce the RWA absorption accordingly with the real underlying asset. The look-through covers around 57% of the collateral, leading to a significant improvement of CET1 ratio transitional by 194bps.
In the Banking area, the Bank added a lot of fuel to lending, with a strong focus on credit quality. Mortgages, launched at the end of 2016, totalled €723 million at June 30th, 2018, +39.7% q/q. Personal loans amounted to €407 million, +14.9% q/q and +31.3% y/y. Lombard loans also increased, with drawn amounts at June 30th amounted to €845 million (+34.2% q/q and +140.4% y/y), of which €600 million relating to the new Credit Lombard.
As for Investing area, the expansion of Private Banking continues to further strengthening the Bank's positioning in this segment, with growing TFA up to €27.0 billion (+12.6% y/y), equal to 39% of the Bank's total financial assets (+1 p.p. y/y).
The productivity of the network is constantly growing. The average portfolio per financial advisor amounted to €23.0 million, up 11.4% y/y and 2.5% q/q.
On June 1, 2018, the new Asset Management Company obtained the necessary authorisations from Luxembourg's Commission de Surveillance du Secteur Financier to replace Amundi Luxembourg S.A. in the management of the "CoreSeries" investment funds' Fineco Asset Management has been fully operational since July 2nd, 2018 following €6.7 billion of Core Series, of which €6.55 billion retail class and €0.14 billion institutional class. We note that the new company will be able to generate significant operating and profitmaking efficiencies, thanks to a vertically integrated business model.
| DECEMBER 31 | JUNE 30 | Absolute | JANUARY 1 | ||
|---|---|---|---|---|---|
| ASSETS | 2017 | 2018 | changes | % | 2018 |
| Cash and cash balances | 613 | 1,733 | 1,120 | 182.7% | 613 |
| Financial assets held for trading | 8,827 | 10,871 | 2,044 | 23.2% | 8,827 |
| Loans and receivables with banks | 3,039,207 | 3,224,477 | 185,270 | 6.1% | 3,036,333 |
| Loans and receivables with customers | 2,129,219 | 2,632,749 | 503,530 | 23.6% | 2,128,528 |
| Financial investments | 16,715,041 | 17,188,339 | 473,298 | 2.8% | 16,724,188 |
| Hedging instruments | 10,048 | 2,667 | (7,381) | -73.5% | 119 |
| Property, plant and equipment | 15,205 | 15,036 | (169) | -1.1% | 15,205 |
| Goodwill | 89,602 | 89,602 | - | - | 89,602 |
| Other intangible assets | 7,909 | 7,827 | (82) | -1.0% | 7,909 |
| Tax assets | 9,249 | 10,914 | 1,665 | 18.0% | 8,639 |
| Non-current assets and disposal groups classified as held for sale | - | 91 | 91 | - | - |
| Other assets | 315,415 | 241,054 | (74,361) | -23.6% | 315,415 |
| TOTAL ASSETS | 22,340,335 | 23,425,360 | 1,085,025 | 4.9% | 22,335,378 |
(Amounts in € thousand)
| DECEMBER 31 | JUNE 30 | Absolute | JANUARY 1 | ||
|---|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2017 | 2018 | changes | % | 2018 |
| Deposits from banks | 926,001 | 907,794 | (18,207) | -2.0% | 926,001 |
| Deposits from customers | 20,205,036 | 21,196,653 | 991,617 | 4.9% | 20,205,036 |
| Financial liabilities held for trading | 11,936 | 4,568 | (7,368) | -61.7% | 11,936 |
| Hedging instruments | (397) | 2,374 | 2,771 | 698.0% | (397) |
| Tax liabilities | 10,234 | 22,038 | 11,804 | 115.3% | 7,718 |
| Other liabilities | 455,699 | 417,933 | (37,766) | -8.3% | 456,150 |
| Shareholders' Equity | 731,826 | 874,000 | 142,174 | 19.4% | 728,934 |
| - capital and reserves | 526,046 | 763,818 | 237,772 | 45.2% | 521,178 |
| - revaluation reserves (available-for-sale financial assets and actuarial gains (losses) for defined benefits plans) |
(8,340) | (14,997) | (6,657) | 79.8% | (6,364) |
| - net profit (loss) | 214,120 | 125,179 | (88,941) | -41.5% | 214,120 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 22,340,335 | 23,425,360 | 1,085,025 | 4.9% | 22,335,378 |
| JUNE 30 | SEPTEMBER 30 | DECEMBER 31 | JANUARY 1 | MARCH 31 | JUNE 30 | |
|---|---|---|---|---|---|---|
| ASSETS | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 |
| Cash and cash balances | 2,902 | 1,671 | 613 | 613 | 745 | 1,733 |
| Financial assets held for trading | 7,834 | 8,572 | 8,827 | 8,827 | 10,368 | 10,871 |
| Loans and receivables with banks | 2,979,553 | 2,834,849 | 3,039,207 | 3,036,333 | 3,487,848 | 3,224,477 |
| Loans and receivables with customers | 1,503,866 | 1,715,683 | 2,129,219 | 2,128,528 | 2,318,096 | 2,632,749 |
| Financial investments | 16,609,762 | 16,878,524 | 16,715,041 | 16,724,188 | 17,095,494 | 17,188,339 |
| Hedging instruments | 15,417 | 16,172 | 10,048 | 119 | 356 | 2,667 |
| Property, plant and equipment | 15,396 | 15,197 | 15,205 | 15,205 | 14,839 | 15,036 |
| Goodwill | 89,602 | 89,602 | 89,602 | 89,602 | 89,602 | 89,602 |
| Other intangible assets | 8,025 | 7,712 | 7,909 | 7,909 | 7,584 | 7,827 |
| Tax assets | 9,277 | 14,279 | 9,249 | 8,639 | 6,428 | 10,914 |
| Non-current assets and disposal groups classified as held for sale | - | - | - | - | - | 91 |
| Other assets | 271,613 | 233,188 | 315,415 | 315,415 | 203,695 | 241,054 |
| TOTAL ASSETS | 21,513,247 | 21,815,449 | 22,340,335 | 22,335,378 | 23,235,055 | 23,425,360 |
(Amounts in € thousand)
| JUNE 30 | SEPTEMBER 30 | DECEMBER 31 | JANUARY 1 | MARCH 31 | JUNE 30 | |
|---|---|---|---|---|---|---|
| LIABILITIES AND SHAREHOLDERS' EQUITY | 2017 | 2017 | 2017 | 2018 | 2018 | 2018 |
| Deposits from banks | 929,859 | 696,554 | 926,001 | 926,001 | 960,046 | 907,794 |
| Deposits from customers | 19,440,617 | 20,007,773 | 20,205,036 | 20,205,036 | 20,916,380 | 21,196,653 |
| Financial liabilities held for trading | 18,716 | 18,656 | 11,936 | 11,936 | 4,892 | 4,568 |
| Hedging instruments | 1,481 | 3,349 | (397) | (397) | (460) | 2,374 |
| Tax liabilities | 19,525 | 49,310 | 10,234 | 7,718 | 36,307 | 22,038 |
| Other liabilities | 482,182 | 368,307 | 455,699 | 456,150 | 325,843 | 417,933 |
| Shareholders' Equity | 620,867 | 671,500 | 731,826 | 728,934 | 992,047 | 874,000 |
| - capital and reserves | 522,475 | 524,273 | 526,046 | 521,178 | 937,076 | 763,818 |
| - revaluation reserves (available-for-sale financial assets and | ||||||
| actuarial gains (losses) for defined benefits plans) | (5,875) | (3,811) | (8,340) | (6,364) | (3,994) | (14,997) |
| - net profit (loss) | 104,267 | 151,038 | 214,120 | 214,120 | 58,965 | 125,179 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 21,513,247 | 21,815,449 | 22,340,335 | 22,335,378 | 23,235,055 | 23,425,360 |
| 1 HALF | 1 HALF | Absolute | ||
|---|---|---|---|---|
| 2017 | 2018 | changes | % | |
| Net interest | 127,297 | 137,646 | 10,349 | 8.1% |
| Dividends and other income from equity investments | 12 | 20 | 8 | 66.7% |
| Net fee and commission income | 129,707 | 145,978 | 16,271 | 12.5% |
| Net trading, hedging and fair value income | 25,992 | 27,618 | 1,626 | 6.3% |
| Net other expenses/income | (233) | 583 | 816 | n.c. |
| OPERATING INCOME | 282,775 | 311,845 | 29,070 | 10.3% |
| Payroll costs | (38,924) | (41,499) | (2,575) | 6.6% |
| Other administrative expenses | (123,893) | (126,931) | (3,038) | 2.5% |
| Recovery of expenses | 46,492 | 48,623 | 2,131 | 4.6% |
| Impairment/write-backs on intangible and tangible assets | (4,833) | (4,836) | (3) | 0.1% |
| Operating costs | (121,158) | (124,643) | (3,485) | 2.9% |
| OPERATING PROFIT (LOSS) | 161,617 | 187,202 | 25,585 | 15.8% |
| Net write-downs of | - | - | ||
| loans and provisions for guarantees and commitments | (1,650) | (1,156) | 494 | -29.9% |
| NET OPERATING PROFIT (LOSS) | 159,967 | 186,046 | 26,079 | 16.3% |
| Provisions for risks and charges | (3,150) | (3,699) | (549) | 17.4% |
| Integration costs | (13) | (4) | 9 | -69.2% |
| Net income from investments | (353) | 5,158 | 5,511 | n.c. |
| Impairment of goodwill | - | - | - | n.c. |
| PROFIT (LOSS) BEFORE TAX | ||||
| FROM CONTINUING OPERATIONS | 156,451 | 187,501 | 31,050 | 19.8% |
| Income tax for the period | (52,184) | (62,322) | (10,138) | 19.4% |
| PROFIT (LOSS) AFTER TAX FROM CONTINUING OPERATIONS | 104,267 | 125,179 | 20,912 | 20.1% |
| Total profit (loss) after tax | ||||
| from continuing operations | - | - | - | - |
| NET PROFIT (LOSS) FOR THE PERIOD | 104,267 | 125,179 | 20,912 | 20.1% |
| EXERCISE | 1 QUARTER | 2 QUARTER | 3 QUARTER | 4 QUARTER | 1 QUARTER | 2 QUARTER | |
|---|---|---|---|---|---|---|---|
| 2017 | 2017 | 2017 | 2017 | 2017 | 2018 | 2018 | |
| Net interest | 264,781 | 62,963 | 64,334 | 67,415 | 70,069 | 68,904 | 68,742 |
| Dividends and other income from equity investments | 29 | 6 | 6 | 6 | 11 | 7 | 13 |
| Net fee and commission income | 270,083 | 64,681 | 65,026 | 69,680 | 70,696 | 71,462 | 74,516 |
| Net trading, hedging and fair value income | 48,219 | 13,710 | 12,282 | 11,127 | 11,100 | 14,538 | 13,080 |
| Net other expenses/income | 3,760 | 531 | (764) | 63 | 3,930 | 487 | 96 |
| OPERATING INCOME | 586,872 | 141,891 | 140,884 | 148,291 | 155,806 | 155,398 | 156,447 |
| Payroll costs | (79,294) | (19,216) | (19,708) | (19,769) | (20,601) | (20,533) | (20,966) |
| Other administrative expenses | (236,945) | (62,442) | (61,451) | (53,021) | (60,031) | (65,467) | (61,464) |
| Recovery of expenses | 93,367 | 23,277 | 23,215 | 21,888 | 24,987 | 24,701 | 23,922 |
| Impairment/write-backs on | |||||||
| intangible and tangible assets | (10,369) | (2,330) | (2,503) | (2,628) | (2,908) | (2,339) | (2,497) |
| Operating costs | (233,241) | (60,711) | (60,447) | (53,530) | (58,553) | (63,638) | (61,005) |
| OPERATING PROFIT (LOSS) | 353,631 | 81,180 | 80,437 | 94,761 | 97,253 | 91,760 | 95,442 |
| Net write-downs of | |||||||
| loans and provisions for guarantees and commitments | (5,351) | (597) | (1,053) | (1,577) | (2,124) | (1,311) | 155 |
| NET OPERATING PROFIT (LOSS) | 348,280 | 80,583 | 79,384 | 93,184 | 95,129 | 90,449 | 95,597 |
| Provisions for risks and charges | (19,025) | (2,377) | (773) | (21,029) | 5,154 | (1,774) | (1,925) |
| Integration costs | 408 | (14) | 1 | (7) | 428 | (2) | (2) |
| Net income from investments | (13,399) | 8 | (361) | (1,448) | (11,598) | 1 | 5,157 |
| Impairment of goodwill | - | - | - | - | - | - | - |
| PROFIT (LOSS) BEFORE TAX | |||||||
| FROM CONTINUING OPERATIONS | 316,264 | 78,200 | 78,251 | 70,700 | 89,113 | 88,674 | 98,827 |
| Income tax for the period | (102,144) | (26,506) | (25,678) | (23,929) | (26,031) | (29,709) | (32,613) |
| PROFIT (LOSS) AFTER TAX FROM | |||||||
| CONTINUING OPERATIONS | 214,120 | 51,694 | 52,573 | 46,771 | 63,082 | 58,965 | 66,214 |
| Total profit (loss) after tax | |||||||
| from continuing operations | - | - | - | - | - | - | - |
| NET PROFIT (LOSS) FOR THE PERIOD | 214,120 | 51,694 | 52,573 | 46,771 | 63,082 | 58,965 | 66,214 |
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, 2018
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]om [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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