Fineco closes 2023 funding with best month of the year

(Alliance News) - FinecoBank Spa reported Wednesday that it recorded net inflows of EUR1.23 billion in December, the best of the entire year.

With this result, the bank ended the year with inflows of EUR8.8 billion, with the managed component at EUR2.7 billion and the administered at EUR8.3 billion.

The asset mix shows a positive managed component of EUR184 million, boosted by EUR232 million in retail inflows from Fineco Asset Management and despite outflows from insurance of EUR447 million. Assets under administration were negative EUR233 million while direct inflows were positive EUR1.28 billion.

Brokerage revenues in December are estimated at EUR14 million - up 24 percent from the average for the 2017-2019 period - confirming solid in a month marked by the usual seasonality and particularly low volumes. In 2023, estimated revenues are around EUR186 million, with 38.5 million orders executed.

Total assets are EUR122.6 billion compared to EUR106.6 billion in December 2022, up 15 percent. In particular, Private Banking assets stand at EUR56.0 billion from EUR45.3 billion a year earlier, up 24%.

Fineco's stock is up 2.1% to EUR13.84 per share.

By Giuseppe Fabio Ciccomascolo, Alliance News senior reporter

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