MILAN, Nov 5 (Reuters) – Italian digital bank and broker Fineco said on Thursday it had added a record 25,800 new clients in October, up more than a third year-on-year, after net profit rose 15.6% in the third quarter, on higher than expected revenue.
Expressing optimism about the end of the year, CEO Alessandro Foti said Fineco was in “the sweet spot to capture the ongoing changes in the needs of Italian savers”, with a transparent and competitive pricing model suited to younger people.
• New inflows in October totalled about €1.7 billion, up 28% year-on-year
• In the first nine months net inflows rose 39% from a year earlier as Fineco added €13 billion from clients’ money
• New money went mostly into assets under custody, which are less lucrative than those under management
• However, the total financial assets of clients who each own more than €500,000 were up nearly by a fifth
• Revenues rose 14% year-on-year to €372 million, slightly above a company-compiled analyst consensus
• Fineco will update its strategy through 2029 on February 10
• It said inflows and client acquisition would stay strong in 2027
• It sees an improving net interest margin as funding costs remain low while it will benefit from higher bond yields through reinvestments
• Fineco said it had made AI tools available to financial advisers and brokerage clients
• It is now working on using AI to revamp internal processes and further lower costs
• “Strong third-quarter results and accelerated cost improvements,” Citi said in a note.
(Reporting by Fabrizio La Rocca and Valentina Za; Editing by Clarence Fernandez)
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