Cassa Lombarda positive Q1 performance driven by private banking
Milan-based bank Cassa Lombarda reported inflows of € 3.55bn for the first quarter of 2012, a 5% year on year increase.
Assets under management at the bank were at €1.04bn at the end of the quarter, with an increase of €90m since the end of 2011.
During 2011, reported net inflows for the asset management business have been €170m.
In a press statement, Banca Lombarda reported profits of €3.9m for the first quarter, a positive performance compared to €0.7m profits for the whole 2011.
The private banking business also increased by 35% compared to 2011. The performance was driven by the hire of 6 private bankers and by the launch of a new branch in Bergamo, one of the provinces of the Lombardy region.