CheBanca! BoD Financial statements for year ended 30 June 2021 approved

CheBanca! has accelerated on its growth path in FY21,
in accordance with the direction outlined in the 2019-23 Strategic Plan

The bank’s specialized business model, with its advisory-based approach integrated with best-in-class technologies, backed by ongoing enhancement of both distribution and product offering, has enabled it to come through the continuing pandemic successfully and deliver record results

TFAs up 17% to €32.5bn, with AUM up 25% to €15.6bn
NNM of €3.7bn, up 45%
Revenues up 13%, to €358m, with fees up 24% to €127m
Net profit up 53%, to €49m

TFAs increased to €32.5bn (up 17.2% YoY, up 3.7% QoQ), in all segments
AUM/AUA up to €15.6bn (up 25% YoY, up 6.8% QoQ), deposits up to €16.9bn (up 10.8% YoY, up 1.0% QoQ) 
NNM of €3.7bn in 12M, €2.1bn of which AUM/AUA,
on substantial growth in AUM in 2H
€1.6bn in 1H, €2.1bn in 2H, with NNM of €0.7bn in AUM/AUA in 4Q
Customer loans totalling €11.1bn (up 8.1% YoY; up 1.5% in 4Q), with new loans in residential mortgages at high levels (€2.2bn, stable YoY), €0.5bn of which in 4Q (vs €0.6bn in 3Q)

Strong investments in distribution for the fourth year running, with recruitment resuming after the Covid-related slowdown:
951 professionals and 205 POS
Premier relationship managers total 486 (7 added in 4Q, 32 in 12M), responsible for €1.1bn of AUM/AUA in 12M
Financial advisors total 465 (18 added in 4Q, 51 in 12M), responsible for €1.0bn of AUM/AUA in 12M
107 CheBanca! branches and 98 FAs offices (13 in 12M)

Revenues, profit and cost/income ratio continue their positive trajectory:
Revenues total €358m (up 13%), on net interest income of €229m (up 7%)
and fee income of €127m (up 24%)
Growth in fee income is testimony to ongoing enhancement of the product offering and asset profitability

Cost/income ratio down from 79% to 75%, despite the continuing investments in distribution and expansion in the scope of operations (operating costs up 7%, to €268m)
Loan loss provisions flat, cost of risk 0.17%
Net profit up 52.7%, to €48.7m

4Q results show continuing growth in revenues (to €93.9m) and fee income (to €34m), and consolidation at the net profit level (€12.3m) due to the seasonal nature of operating costs