Italy’s Profilo posts €3.2bn Q3 inflows

Italy’s Banca Profilo posted a 11.3% growth of inflows at the end of the third quarter of the year.

The private bank chaired by Matteo Arpe (pictured) attracted €3.2bn inflows during the period, with €40.5m net income and €3.4m net profit, up from €1m the previous year.

The private banking business posted €7.3m net income, up from €1.3m at the end of September 2011.

Meanwhile, the Board of the bank has approved the merger between its asset management arms Profilo Asset Management SGR and Profilo Merchant Co srl.

The aim of the deal is to simplify the Group’s governance structure, associated to a reduction in costs and more operating efficiency, Profilo said.

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