Intesa Sanpaolo Private Banking posts 48% H1 increase in net profits
Intesa Sanpaolo private banking posted positive H1 results, with net profits at €68.8m, a 48.1% year on year increase.
At the end of June 2012, the private banking arm of Italy’s Intesa Sanpaolo had €73bn assets under administration, a 3% increase since the beginning of the year.
The bank posted €0.7bn net inflows to its funds and Sicavs.
Intesa Sanpaolo Private Banking said to have a 17.5% share of the private banking market in Italy, and a 44% cost to income ratio.
“Our positive results for the first half are even more important considering the challenging macroeconomic environment and show are commitment towards developing our advisory services, asset management and technology innovation, as well as great attention to costs,” said Paolo Molesini, chief executive at the bank.