(Finance) – The Finint Bank Groupactive in the Italian market of corporate & investment banking, structured finance, asset management and private banking, has closed the first semester of 2024 with a growth ofconsolidated gross profit 18% to €13.1 million (€11.1 million in 1H23).
The interest margin marked a strong increase to 12.9 million euros (+49%). The financial and service margin amounts to 64.5 million euros, up 27%, whose most significant economic component remains the revenues from net commissions which, at 30 June 2024, recorded an increase of 22%, rising to 51.6 million euros thanks in particular to the constant increase in the securitization business which marks a +16% to 19 million euros. Also noteworthy is the exponential growth of the Corporate Finance division which goes from approximately €1m to over €6m thanks to the development of the M&A business unit.
Despite the strong increase in interest margin, the commissions remain by far the most significant component of the Group’s intermediation margin with a weight of 74%. The contribution of net commissions continues to be well diversified: in fact, the prevalence of the securitization business is confirmed, accounting for 37%, followed by the asset management activity of Finint Investments which contributes 21%, while the private banking activity stands at 15% of the total; the NPE activity accounts for 10%.
These results “reflect the Group’s development increasingly focused on investment banking and wealth management“, it is underlined: the Banca Finint Group at the end of the first half of 2024 managed or advised 14.8 billion euros of assets, of which 5.2 billion euros in asset management, 3.8 billion euros in private banking with a growth rate of net collections of over 7% more than double the market (+3.14%), 3 billion euros in advisory services to institutional customers and 2.8 billion euros in the NPE segment.
The Group continued to invest in strengthening theorganic which since the beginning of the year has been enriched by over 40 new hires with a total number of employees exceeding 710 (670 in FY23).
“The first half-year results demonstrate the solidity of a Group in continuous growth thanks to synergies of an ever deeper integration between the different entities that compose it and the continuous specialization of the services dedicated to our customers – commented the President Enrico Marchi – I am happy that these results are led by a management team focused on business development and capable of constantly evolving the Group, also accompanying it in a dimensional growth that in the first six months of the year has brought us to over 860 professionals, including employees and financial advisors. The more than satisfactory results obtained this semester testify to our daily commitment and allow us to face the future aware of our capabilities and with an ever-renewed competitive drive to promptly respond to the emerging needs of the market and our customers”.
The new strategic plan 2024-2026 will be presented in September.