The Sella group closed 2022 with very positive results and further growth. The good performance covered all business sectors and confirmed the effectiveness of the strategy based on a diversified business model focused on the quality of personal relationships, technological and digital innovation and the fostering of an open financial ecosystem to provide effective answers to customers’ needs and have a positive impact on both the economy and the community.
In such an uncertain and complex external scenario – due to international tensions, inflationary pressure and the dynamics of interest rates – thanks to the appropriate management of risk profiles, the Group achieved its best-ever net banking income result, with growth in almost all components, while strengthening its capital soundness. Testifying to the confidence of customers, their overall number increased, and market shares grew further. Below are the main results for the year.
Results as at December 31 2022, approved by the Boards of Directors of the parent company Banca Sella Holding, the company issuing financial instruments widely distributed among the public Banca Sella and the other Group companies, closed with an overall net profit of € 91.9 million. The result is up, compared to € 56 million in the same period of the previous year, net of non-recurring items. In 2021, due to the capital gain obtained from the strategic joint venture transaction in Hype with illimity bank, the net profit totalled € 108.3 million.
The net banking income increased by € 130.1 million (+17.9%) to € 857.9 million. In detail, the net interest income increased by 42.6% to € 358.6 million, resulting from both the sales component and the positive effect of inflation-indexed securities. Net income from services increased by 4.7% to € 406.7 million. The net result from financial activities increased by 5.2% to € 92.6 million, due to the positive results of proprietary trading and the sale of tax receivables.
Global inflows at market value amounted to € 48.7 billion, down 1.1% due to the market downturn, which led to a € 4.1 billion decrease in the value of securities prices. Against this backdrop, customer confidence led to an excellent net inflows result of € 3.75 billion. Direct inflows grew by 4.9% to
€ 16.7 billion. Loans to support the activities of households and businesses grew by 8.5% to € 10.6 billion.
Traditional and new business sectors
All sectors in which the Group engages and the good balance of revenue sources resulting from its growth and development strategy contributed to the good results for 2022. In particular, finance and investment banking increased their margins by 37%. Net inflows in advisory and asset management grew by € 1.6 billion with assets under management amounting to € 21.2 billion. Revenues from investment services amounted to € 180 million, slightly down (-2%), despite the strong tensions in the financial markets.
The growth in payment systems was significant: total transacted volumes related to acquiring and issuing services increased by 29%, with an 18.8% increase in the net banking income to €120 million. These volumes are also the result of the increase in POS (+36%) and e-commerce (+11%) transactions.
Revenues from new businesses, which started in 2018 as part of the strategic plans of the Group, rose by 3.6% to € 73.3 million, mainly due to open payment and platform services, corporate and investment banking and technology solutions provided to third-party companies.
The total number of customers of the Group further increased by 7% to € 1.2 million, net of Hype, including which the increase rose by 9% to € 2.8 million.
Investments in support of the Strategic plan amounted to € 82 million, net of the real estate component. To support effectively the several development initiatives and the increase in staff, operating costs rose by 12.4%. Despite these major investments, the cost-to-income ratio improved dropping to 71.6 % (it was 75.2 %).
The Group confirmed its high capital strength, well above the required standards. The Cet1 ratio stood at 13.21% and the Total Capital Ratio at 15.12% (they were 12.28% and 14.19%).
