May 11, 2020 / 9:55 AM / 23 days ago

BRIEF-FinecoBank Q1 Adj. Net Profit Up 45.4% At EUR 92.2 Mln

May 11 (Reuters) - FinecoBank Banca Fineco SpA:

* Q1 ADJUSTED REVENUE EUR 201.3 MILLION, UP 27.2 % YEAR/YEAR

* Q1 ADJUSTED NET PROFIT EUR 92.2 MILLION, UP 45.4 % YEAR/YEAR

* PRO-FORMA CET1 RATIO AT END-MARCH AT 19.28%

* IN Q1 INDIRECT EFFECTS OF COVID-19 CAUSED REDUCTION IN VALUE OF CUSTOMER ASSETS UNDER MANAGEMENT

* COVID-19 IMPACT IS MITIGATED FOR FINECO BY ABSENCE OF PERFORMANCE FEES

* REVENUES FROM BROKERAGE ACTIVITIES INCREASE MARKEDLY IN TIMES OF HIGH VOLATILITY LIKE PRESENT ONE

* SINCE ITS BUSINESS MODEL IS NOT BASED ON BRANCHES IT IS LESS EXPOSED TO RISK OF PANDEMICS Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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