Intesa Sanpaolo sees strong AUM growth in 2014

Italy’s Intesa Sanpaolo, the country’s second largest group per AUM, has reported positive results for 2014.

Assets under management reached €43bn, with some €18bn going from assets under administration into assets under management.

The group also said it saw robust net income robust net income of €1,690m in 2014, excluding the retroactive increase in the tax rate, from 12% to 26%, on the capital gain from the Bank of Italy stake booked in 2013. This was up 38.8% from €1,218m in 2013, excluding the impairment of goodwill and other intangible assets.

The stated net income amounted to €1,251m in 2014 (versus a net loss of €4,550m in 2013), despite an effective tax rate of 52%, and €48m in Q4 2014.

Support to the real economy was also highlighted by the Italian group which reported approximately €34bn of medium/long-term new lending to families and businesses in 2014.

Sustained growth was seen in net fees and commissions to €6,775m in 2014, the highest figure since 2007, up 10.5% versus 2013.

Intesa Sanpaolo also reported improving credit trend with NPL inflow from performing loans in 2014 at its lowest since 2011. Net inflows came at €8.6bn in 2014, from €11bn in 2013 (down 22%); gross inflow was €12.3bn, from €15.5bn in 2013 (down 21%).