Around 3:10 p.m., the stock lost 2.7 percent to its lowest since September 2022.

Finecobank reported total net inflows of 446.7 million euros in September, down from 648 million in August and 514.6 million in the same month last year.

Weakness in direct deposits was confirmed, negative 502 million (-517 million in August), a marked deterioration from -120.3 million in September 2022, bringing the total since the beginning of the year to -2.88 billion.

The managed component is positive by 112.5 million (156.5 million in August), about half of which refers to Fineco Asset Management's retail inflows, "reflecting the ability to intercept outflows from insurance," the institution says.

Brokerage performance was positive with September revenues estimated at 14.5 million, up about 35 percent from the average September revenue between 2017 and 2019.

"Looking at the third quarter of 2023, it is the weakest in terms of total flows since the end of 2019, given the difficult market dynamics/conditions," Citi comments, emphasizing the market's focus on negative deposit dynamics.

Jefferies also highlights a higher-than-expected outflow of direct deposits. "With the new retail Btp issuance underway, and likely to affect October flows, we think the market will continue to focus on the deposit figure," it says.

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(Andrea Mandalà, editing Francesca Piscioneri)