FNBKY - FinecoBank Banca Fineco S.p.A. (FCBBF) Q4 2023 Earnings Call Transcript
2024-02-06 11:12:06 ET
FinecoBank Banca Fineco S.p.A. (FCBBF)
Q4 2023 Earnings Conference Call
February 06, 2024 08:00 AM ET
Company Participants
Alessandro Foti - Chief Executive Officer & General Manager
Lorena Pelliciari - Chief Financial Officer.
Conference Call Participants
Giovanni Razzoli - Deutsche Bank
Enrico Bolzoni - JPMorgan
Gianluca Ferrari - Mediobanca
Alberto Villa - Intermonte
Isobel Hettrick - Autonomous Research
Filippo Prini - Kepler
Marco Nicolai - Jefferies
Presentation
Operator
Good afternoon. This is the Chorus Call Conference operator. Welcome and thank you for joining the FinecoBank Fourth Quarter 2023 Results Conference Call. As a reminder all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
At this time, I would like to turn the conference over to Mr. Alessandro Foti, CEO and General Manager of FinecoBank. Please go ahead sir.
Alessandro Foti
Good afternoon, everyone, and thank you for joining our fourth quarter of 2023 results conference call. Adjusted net profit in 2023 reached a new record high and was equal to €609.1 million, strongly up about 42% year on year and by 54% excluding 2022 profits from treasury management.
Adjusted revenues achieved at €1,237.6 million, increasing by 30.5% year-on-year in mainly supported by net financial income, which is sustained by our clients very sticky and valuable transactional liquidity and by the solid growth both of our investing business, thanks to the volume effect and the higher control of the value chain by Fineco Asset Management.
Operating costs well-under control at €298.3 million, increasing by 4.7% year-on-year by excluding costs related to the growth of the business. Adjusted cost income ratio was at the very remarkable level at 24.1%, strongly improving year-on-year and confirming operating leverage as the strength of the bank.
In 2023, Fineco achieved an outstanding commercial performance thanks to our organic growth strategy. First of all we recorded and strong acceleration in our new client acquisition increasing by around 23% year-on-year and allowing the bank to reach the new yearly record in terms of new clients.
Let me highlight that these remarkable acceleration is confirmed also in January, which recorded the second best month ever in terms of new clients for the bank and bodes extremely well for our future growth....
FinecoBank Banca Fineco S.p.A. (FCBBF) Q4 2023 Earnings Call Transcript