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Finecobank: Solid Sales, Few Credit Fears Evident

FINANCIALS

Finecobank (FINBAN: BBB) issued May AuM flows today which, whilst a single month’s figures look healthy and continue to point to the manager’s growth. Spreads are 4bp better on the month (lagging €IG banks’ 7bp) but there’s nothing here to spook credit investors, we feel.


  • AuMs are EUR1bn higher than Apr-24 figure (last reported) and total net sales are EUR945m (Apr: 844m) with a record month in the retail (higher-margin) asset mgmt business recorded. There are some deposit outflows but these are the finest margin products and likely point to price competition.
  • Brokerage revenues are EUR19m (Apr: 17m) and customer numbers are up 13% y/y with a higher nominal customer gain than the prior month.
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