Banca fideuram at a glance

Transcription

1 Banca fideuram at a glance

2 Key ratios CUSTOMER FINANCIAL ASSETS Net inflows into managed assets ( m) 2,749 (31) 4,234 2,928 (3,850) Total net inflows ( m) 2,316 1,717 1,901 2, Client Assets ( m) 79,296 70,949 71,591 67,801 60,507 OPERATING STRUCTURE Personal Financial Advisers (no.) 5,082 4,850 4,349 4,292 4,209 Employees (no.) 1,463 1,497 1,475 1,485 1,467 Personal Financial Advisers' offices (no.) Branches (no.) CONSOLIDATED FINANCIAL RESULTS Consolidated net profit ( m) Consolidated shareholders' equity ( m) Basic consolidated net earnings per share ( ) Dividend ( ) PROFITABILITY INDICATORS R.O.E. (%) Cost / Income Ratio (%) Personnel expenses / Operating income before net impairment (%) Net profit / Average Client Assets (%) E.V.A. ( m) Rating (Standard & Poor s) Long term: BBB+ Short term: A-2 Outlook: Negative 6 Annual Report 2012

3 Managed savings environment Assets (source Bank of Italy) ( bn) Household financial assets in Italy (HFA) 3,642 3,768 3,752 3,826 3,807 Managed assets (MA) ,024 - Mutual funds Discretionary accounts Life insurance technical reserves (*) Pension funds (*) Adjustments (228) (237) (224) (198) (249) MA as % of HFA 24% 25% 24% 22% 27% Flows (source Bank of Italy) ( bn) Household financial assets in Italy (HFA) Managed assets (MA) (43) 3 17 (150) (137) - Mutual funds (30) (19) (7) (80) (51) - Discretionary accounts (16) 6 7 (94) (24) - Life insurance technical reserves (*) (23) (9) - Pension funds (*) Adjustments (5) (22) (34) 46 (57) MA as % of HFA n.s. 5% 62% n.s. n.s. (*) Life insurance and Pension funds of 2011 are estimated. n.s.: not significant Banca at a glance 7

4 Board of s Internal Audit Committee Enrico Salza Angelo Caloia Matteo Colafrancesco Caterina Bima Franca Cirri Fignagnani Francesco Favotto Oscar Giannoni Cesare Imbriani Piero Luongo Giuseppe Russo Danilo Intreccialagli Cesare Imbriani Oscar Giannoni Giuseppe Russo Chairman Deputy Chairman Managing Secretary of the Board of s Chairman Member Member Board of Auditors Carlo Giuseppe Angelini Chairman Marco Antonio Modesto Dell Acqua Statutory Auditor Luciano Matteo Quattrocchio Statutory Auditor Alessandro Cotto Acting Auditor Gian Paolo Grimaldi Acting Auditor General Management Matteo Colafrancesco General Manager Senior Manager Responsible for the Preparation of the Company Accounts Paolo Bacciga Independent Auditors Reconta Ernst & Young S.p.A. 8 Annual Report 2012

5 Italy Ireland France Luxembourg Fiduciaria Financière 99.99% Euro- Trésorerie Investimenti SGR Sanpaolo Invest (Ireland) 99.99% Bank (Luxembourg) 99.50% 99.99% Sanpaolo Invest SIM Asset Management (Ireland) Gestions 99.94% Ownership Direct Company officers / Structure of the Group 9

6 SUSTAINABLE GROWTH 2012 was a highly-complex year, like those preceding it, marked by the crisis that has gripped the western economies since The scenario was even more complex in Italy, with a political crisis emerging alongside the economic crisis, and no effective solutions being put in place to combat steadily increasing public debt, unemployment and tax evasion. Our performance was nevertheless excellent and Banca client assets rose to record levels in These results are the achievement of a proven business model that continues to show its strength and consolidate its credibility in a complex environment. A model based: On the one hand, on the central role of the personal financial adviser, which enables us to meet our customers needs and requirements in every area thanks to skilled portfolio diversification and attentive risk analysis. On the other, on passion, expertise and shared ethical and professional values. Honesty, transparency, clarity and simplicity are the values that have always guided us uncompromisingly in our work. Our distinctively unique network bank model owes its success to being based on an integrated organisation of 6,500 professionals dedicated to our customers. On the one hand, the Personal Financial Advisers in the Group s two networks - and Sanpaolo Invest -: over 5,000 colleagues who work with professionalism and expertise, supporting our existing and potential customers in their investment choices during a particularly complex period. On the other, the staff of Banca and the other companies in our Group: Sanpaolo Invest, Investimenti, Fiduciaria, Asset Management (Ireland), Gestions, Bank (Luxembourg), Euro-Trésorerie, Financière and Vita, who support our Personal Financial Advisers in their work with untiring dedication. Every department and unit works as part of an integrated whole and all their activities are focused on our core business to ensure our customers benefit from the most effective solutions and services. Banca continues to perform strongly in a challenging market environment that demands careful attention to costs, achieving sustainable growth with stable income while investing in research and innovation in the products and services we offer. Two initiatives in particular stand out: The success of the Vita Insieme policy with 4bn inflows in A success achieved thanks to our ability to offer an innovative solution to the pension gap that concerns our customers. The launch of our first ethical fund, Fonditalia Ethical Investment. An investment solution that combines the goals of financially-sustainable investment and social value, offering originality and innovation that have set it apart in the ethical finance market. The solution developed includes the donation of a substantial amount of the fund s commission to the Italian Multiple Sclerosis Society, making it a doubly ethical fund with which we reaffirm our commitment to matters of social interest. We also continue to invest in: Constant attention to customer service, continually advancing our systems for monitoring the suitability of our customer s investments and improving the completeness and clarity of the printed and digital information we provide them. Examples are our new basic advisory service report and new risk report, both of which were very favourably received by our customers and Personal Financial Advisers alike. Completing the Mobile Solution platform, which offers tangible benefits in terms of saving time and reducing errors, and already carries a third of our customer transactions (while half of all instructions are authorised online). Completely revising and extending our training programmes, which will soon yield concrete results in the launch of Campus, a physical and virtual school dedicated to the professional development of our people and the Group s Personal Financial Advisers and network managers in particular. 10 Annual Report 2012

7 Moving on to our key results for 2012: Group net inflows totalled 2.3bn. At the same time, net inflows into managed-asset products exceeded 2.7bn and new life insurance business came to 5bn. Client assets rose to more than 79bn, with managed-asset products accounting for over 59bn of this total (75%). 514 new colleagues joined our networks, taking the total number of Personal Financial Advisers in the Group over the 5,000 threshold. 127 of these new Personal Financial Advisers were less than 35 years old, testifying to Banca s ability to attract and train young talent. Our private banking customers increased to 27,000, with more than 35bn client assets, a value that places us among the leading private banks in Italy. For the second consecutive year we were ranked the best private bank in Lombard s Italian Financial Elite index. The number of customers subscribed to our SEI advanced advisory service rose to 40,000, with approximately 16bn client assets. Net profit came to approximately 205m. Net recurring fees totalled 164.3m in the fourth quarter, a new record in s history. The solidity of our capital ratios, with a consolidated Core Tier 1 capital ratio that is one of the highest in the sector at 18.9%. WHAT WE ARE DOING FOR SUSTAINABLE GROWTH We will continue to pursue continuity and competitiveness, developing our business while maintaining a steady course and increasing productivity. At the same time, we will explore new paths and evaluate new organisational models to continually reassess how to deliver our support most effectively in a fast-changing market. We are convinced that change and appropriate pressure towards continuous improvement are essential for a successful organisation to advance and maintain a leading role in the forefront of its sector. Innovation is the rationale for and main driver of our Sustainable Growth project, launched in the second half of 2012 with the aim of taking Banca into a new phase of growth. The project covers three main areas: Developing our customer relations and the tools that support them. Developing the profession of Personal Financial Adviser and managing generational change. Preparing for the new challenges of the networks and bank s organisational structure. The project already began yielding concrete results in early 2013 with the development of a new organisational model for our network management in which job profiles, duties and responsibilities have been aligned with our new management and sales requirements. WHERE WE ARE HEADED We have become an internationally-recognised player and market benchmark. Many look to us for innovative new solutions. The profession of Personal Financial Adviser began with Banca in Italy and has achieved its full potential with us. But that is not enough. We want and can do more. We are committed to rising to new challenges to continue growing. For a future of growth... Sustainable growth! MATTEO COLAFRANCESCO Almost 80 billion euro client assets entrusted to the Group Managing s Letter 11