Italy's Banca Fideuram reported a 29.8% year on year fall in net profit at the end of the first half of the year, decreased to €92.8m from €132.1m on June 2011.
Italy’s Banca Fideuram reported a 29.8% year on year fall in net profit at the end of the first half of the year, decreased to €92.8m from €132.1m on June 2011.
Banca Fideuram’s network of financial advisers posted a €701m inflow during the first half, compared to €908m for the first half of 2011.
Net inflows of assets under management were €462m for the period, with a very positive performance of the insurance business which reported positive flows for €1.3bn for H1.
At the end of June, Banca Fideuram had €73.7bn assets under administration, a 3.9% increase compared to the end of 2011.
Assets under management were €54.1bn, an increase of about €2bn since the beginning of the year.
Banca Fideuram and Sanpaolo Invest, which belong to the Intesa Sanpaolo group, have a network of 4980 private bankers, with new 248 advisers appointed in the first half of 2012.
“The growth of our group has been supported by the insurance arm and by personnel growth. Great attention to our cost base has allowed us to keep unchanged our capacity to invest in innovation and on the development of our business model,” said Matteo Colafrancesco (pictured), chief executive at the group.