FinecoBank Banca Fineco (FBK) Q4 2024 earnings summary

Executive summary

• Net profit for 2024 reached €652.3 million, up 7.1% year-on-year, with revenues at €1,316.5 million, up 6.4% year-on-year, driven by all product areas and strong operating leverage; cost/income ratio at 25.2%.

• Client acquisition set a new record, increasing by 27.8% year-on-year, with January 2025 seeing nearly 19,000 new clients (+32% y/y).

• Net sales were robust at €10.1 billion in 2024, with January 2025 net sales up 53% year-on-year to €887 million.

• Fineco Asset Management's share of AUM now at 37.7%, with FAM managing €36.8 billion (+25.1% y/y in retail classes) and launching new investment solutions.

• Dividend per share proposed at €0.74, up 7% year-on-year.

Financial highlights

• Net financial income rose 3.4% year-on-year to €711.2 million; investing revenues up 11.7% to €367.5 million; brokerage revenues up 13% year-on-year.

• Operating costs at €332 million, up 6.1% year-on-year excluding growth-related costs, mainly due to business growth initiatives.

• Cost-to-income ratio at 25.2%, reflecting strong operating leverage.

• Net commissions increased 7.6% year-on-year to €527 million; credit profit up 30.9% due to higher brokerage activity.

• Gross operating profit reached €984.5 million (+4.8% y/y); ROE at 27%.

Outlook and guidance

• 2025 guidance: investing revenues expected to grow low double digits; brokerage revenues to remain strong; banking fees to slightly decrease due to new instant payment regulation.

• Operating costs expected to grow around 6% year-on-year, plus €5–10 million for growth initiatives in marketing, asset management, and AI.

• Payout ratio for 2025 expected between 70% and 80%; leverage ratio target above 4.5%.

• Cost/income ratio to remain comfortably below 30%.

• Net sales and client acquisition trends expected to remain robust.