CheBanca! Board of Directors’ Meeting Financial statements for year ended 30 June 2022 approved
CheBanca! has posted outstanding commercial results for the year,
despite the market turmoil seen in recent months,
delivering material growth in TFAs, revenues and net profit,
and confirming the effectiveness and resilience of its business model
TFAs1 now total €33.9bn (up 4.2% YoY2)
AUM/AUA up to €16.5bn (up 5.4% YoY), deposits up to €17.4bn (up 3.1% YoY)
Slight decline in 4Q (down 1.7% QoQ2) exclusively due to the negative market effect
NNM for 12M €2.8bn, €2.2bn of which AUM/AUA (up 8.5% YoY)
The outbreak of the conflict in Ukraine at end-February caused a slowdown in Net New Money (AUM/AUA) for 3Q
(Jan.-March: €0.3bn); but NNM picked up again in 4Q (April-June: €0.6bn), returning to the levels seen last year
(€0.7bn), and reporting a twofold increase QoQ
Customer loans totalling €11.4bn (up 2.7% YoY; up 1.0% in 4Q) with new loans in residential
mortgages at high levels and stable, at €2.2bn, €0.7bn of which in 4Q (vs €0.6bn in 3Q)
Distribution network continues to strengthen (1,023 professionals, up
72 YoY, and 207 POS, up 2% YoY) – productivity levels again among the best on the market
Premier relationship managers total 507 (5 added in 4Q, 21 in 12M), responsible for €1.2bn of AUM/AUA in 12M
Financial advisors total 516 (9 added in 4Q, 51 in 12M), responsible for €1.0bn of AUM/AUA in 12M
105 CheBanca! branches and 102 FAs offices
Revenues total €393m (up 10%),
on net interest income of €236m (up 3%) and fees of €155m (up 22%)
Growth in fees reflects the ongoing improvement of the product/service offering and asset profitability
4Q, in addition to the recovery in NNM, also saw excellent earnings results, with total revenues of €101m (up 4%
QoQ), of which €41m in fees (up 8% QoQ)
Net profit up 26.5% to €62m
Cost/income ratio down to 72% (from 75%) despite the investments in distribution and enhanced operations
Loan loss provisions decreasing, with the cost of risk 0.12%
1) Total Financial Assets: AUM + AUA + deposits.
2) YoY: end-June 2022 vs end-June 2021; QoQ: end-June 2022 vs end-March 2022.
