(Alliance News) - FinecoBank Spa on Tuesday reported that profit in the first quarter stood at EUR147.0 million, virtually unchanged from EUR147.3 million as of March 31, 2023.

Revenues in the first quarter stood at EUR327.0 million, up 11 percent from EUR293.7 million in the same period a year earlier.

Financial margin stood at EUR180.8 million, up 15 percent from EUR157.4 million in the first quarter of 2023.

Total financial assets as of March 31 stood at EUR128.2 billion, up about 15 percent from a year earlier, while the balance of assets under management was EUR60.4 million, up 12 percent from 2023.

In the first quarter, net inflows totaled EUR2.2 billion.

The group said it confirmed its capital strength with a CET1 ratio at 25.29 percent compared to 24.34 percent in Q1 2023.

The Tier 1 ratio and total capital ratio stood at 35.94 percent as of March 31 from 34.91 percent a year earlier.

Alessandro Foti, chief executive officer and general manager of FinecoBank, commented, "The results of the first three months of the year confirm Fineco's ability to continue on its development path, further improving on the excellent results achieved in 2023. Growth involved all business areas, flanking the improvement in the financial margin with a double-digit increase in Investing."

"The positive brokerage figure also confirms how momentum toward Investing remains sustained, creating a solid link between the two worlds thanks to clients' increasing interest in interacting with global markets from a long-term perspective. Finally, April's collection figures highlight our advisory network's ability to support clients in increasingly professional savings management, working alongside them in even the most complex financial needs."

New clients numbered 39,545, brought the total to 1.6 million.

FinecoBank's stock is down slightly at EUR14.59 per share.

By Claudia Cavaliere, Alliance News reporter

Comments and questions to redazione@alliancenews.com

Copyright 2024 Alliance News IS Italian Service Ltd. All rights reserved.