Half Year 2024 FinecoBank Banca Fineco SpA Earnings Call Transcript
Key Points
- FinecoBank SpA (FCBBF) reported a net profit of EUR320.3 million for the first half of 2024, marking a 9.8% increase year on year.
- Revenues increased by 9.6% year on year to EUR658.3 million, supported by growth across all product areas.
- The bank's cost-to-income ratio was maintained at a low 24.4%, highlighting strong operating leverage.
- FinecoBank SpA (FCBBF) achieved a 22.5% year-on-year increase in new client acquisition, indicating strong organic growth.
- The bank's capital position remains robust with a common equity tier 1 ratio of 25.8% and a leverage ratio of 5.35%.
- Operating costs increased by 6.7% year on year, driven by business growth-related expenses.
- The bank expects operating costs to grow by 10% year on year in 2024, excluding additional costs for Fineco Asset Management and marketing.
- There is a potential risk of margin pressure due to the growing demand for ETFs, which could cannibalize traditional fund products.
- FinecoBank SpA (FCBBF) faces challenges in maintaining stable margins amidst a market environment characterized by pressure on margins.
- The bank's brokerage revenues, while strong, are subject to volatility due to market conditions, making it difficult to establish a precise revenue floor.
Good afternoon. This is the Chorus Call conference operator. Welcome and thank you for joining the FinecoBank second 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 Fineco. Please go ahead, sir.
Good afternoon, everyone, and thank you for joining our second quarter 2024 results conference call.
Net profit in the first half of 2024 is EUR320.3 million up by 9.8% year on year, excluding systemic charges due to a different seasonality compared to 2023. Revenues at EUR658.3 million increasing by 9.6% year on year, supported by all our product areas. Net financial income is increasing by 10.7% year on year, investing up by 11.9% year on year, thanks to the volume effect in the higher control of the value chain by Fineco Asset Management and the brokerage is up by 15% year on year, thanks to the enlargement of our
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