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Investing.com -- FinecoBank S.p.A. (BIT:FBK) on Thursday reported second-quarter net profit of €154 million, exceeding Visible Alpha consensus by 2%.
The Italian financial services company saw commission income reach €138 million, 1% above expectations, with investing fees performing 4% better than anticipated.
Operating expenses came in 4% below consensus, helping push pre-provision profit 2% higher than market expectations.
Net interest income stood at €154 million, down 16% quarter-over-quarter but broadly in line with consensus forecasts.
The company’s leverage ratio decreased to 5.20% from 5.34% in March, while CET1 capital ratio fell to 23.4% from 24.1%.
July flows showed strong momentum with total net inflows of €1.1 billion, representing a 45% increase year-over-year. Assets under management inflows reached €0.4 billion, up 35% compared to the previous year.
Assets under custody saw inflows of €0.4 billion, jumping 60% year-over-year, while deposits increased by €0.3 billion, also up 60%.
Brokerage revenues for July totaled €19 million, a 6% improvement from the same period last year.
FinecoBank maintained its previous revenue guidance and confirmed other targets, including a payout ratio between 70-80%, operating expense growth at 6% year-over-year plus marketing costs, and a cost of risk between 5-10 basis points.
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