Sella Group: sound results reported for the first half of 2026
The Board of Directors of the parent company, Banca Sella Holding, today approved the consolidated results at 30 June 2026, confirming the group’s positive performance and the strengthening of its business model across its various areas of activity - a model characterized by diversification of revenue sources, a constant focus on the quality of customer relations, and the drive to generate a positive impact on the economy and the society (read the full Press Release).
These results were supported in particular by increased volumes, both in total deposits, thanks to the excellent net deposit results, and in increased lending volumes, thanks to new disbursements aimed at supporting the local economy and communities. In the area of asset and wealth management, the group continued to provide support to customers through tailored, expert consultancy services. As confirmation of the ability of the group to invest in the quality of customer relations, the number of customers also grew significantly.
In a complex scenario shaped by the consequences of global geopolitical unrest, also at the macroeconomic level, the Sella Group sustained a solid capital and liquidity position and continued to operate according to its traditional principles of sound and prudent management.
The strategic priorities and development guidelines for the group’s new business plan, which will guide its growth path in the coming years were defined during the first semester, and the first initiatives to support their implementation were launched.
In this direction, with the completion at the end of March of the merger by incorporation of Hype into Banca Sella, the group has further strengthened its positioning with the ability to propose an innovative digital offering through the gradual integration of the operations of 1.9 million digital-only customers with its offering of banking products and services based on customer relations, consultancy services and local presence.
In June Banca Sella completed the notification process to the Bank of Italy as required by the European MiCA (“Markets in Crypto-Assets Regulation”) and is the first bank in Italy to be authorized to set up crypto-asset services.
The Bank was also selected by the European Central Bank, along with six other Italian payment service providers, to participate in the Eurosystem’s pilot project on the digital euro, which will involve a total of over 35 operators in the Eurozone.
The figures for the first half of the year take into account the addition of Hype, which has been fully consolidated since 6 February, the date on which total control of the company was acquired, to the group's reporting perimeter. With a view to facilitating a more accurate comparison, the variation between the figures as at 30 June 2026 and 30 June 2025 is presented pro-forma assuming full consolidation of Hype also in the first half of 2025.
The group's financial and economic performance
The first half of 2026 closed with consolidated net income of €155 million, compared to €100.1 million in the first half of 2025, with ROE of 13.4%. This result benefits from a positive bookkeeping effect equal to €70.3 million, related to the acquisition of Hype and the adjustment of the value of the stake already held by the group to the valuation of the company defined at the time of the acquisition.
Excluding the above effect, net income for the first six months of 2026 came in at €84.7 million, compared with €87.2 million in the first half of 2025 (Hype pro-forma and excluding non-recurring items last year related to the subscription to Banca IFIS’s public tender offer for illimity and the sale of the subsidiary Codd&Date), with a 9.5% ROE, in line with the group’s guidance. The first half of 2026 saw higher tax levels (€8 million), mainly driven by measures introduced by the 2026 Budget Law, and higher provisions and write-downs (€2.6 million, of which 1.5 million are related to a foreign subsidiary), given an improving operating result (+3.7%) year-on-year. It should also be noted that additional write-downs amounting to approximately €12 million on equity investments reported at “Fair Value Through Other Comprehensive Income” (FVTOCI) had an impact on the valuation reserves under shareholders’ equity, as reported in the “Solidity and Liquidity” section.
Total income was €635.1 million, up 11.9% compared with the same period of the previous year (+9.7% on a like-for-like basis), driven by widespread growth across the group’s main business areas. The addition of Hype contributed further revenue, primarily in banking and payment systems.
Net interest income was €311 million, up 10.9% compared with the same period last year (+8.2% on a like-for-like basis), driven by growth in the average lending volumes and substantial stability in the commercial spread compared with the previous year, partly due to the containment of direct funding costs. The contribution from the proprietary securities portfolio thanks to higher average volumes also increased.
Net revenue from services continued to rise, reaching €276.9 million (+14% and +12% on a like-for-like basis), representing 43.6% of total revenue, confirming the group’s broad diversification of revenue sources. This increase was driven mainly by higher revenues from investment services. The contribution from ancillary credit fees, Open Finance services, and non-life bancassurance also increased.
Net income from financial activities was positive at €47.2 million, compared to the €44.4 million in the same period of the previous year.
Operating costs stood at €458.5 million, up 15.4%, partly due to the integration of Hype (+11.2% on a like-for-like basis). This increase, in line with forecasts, is attributable to the company’s ongoing expansion, the strengthening of its workforce and sales activities, as well as higher depreciation and amortization costs resulting from the investments made to support the business plan.
Personnel costs, totaling €265.6 million, rose by 12.1% (+9.2% on a like-for-like basis), linked to the growth in the workforce and partly to higher costs resulting from the National Collective Bargaining Agreement (effective 1 June 2025 and 1 March 2026). At 30 June, the Sella Team had reached 6,884 staff (including 196 from Hype), 129 more than at the same date of the previous year.
Other administrative expenses were €122 million, up 19.2%, reflecting the addition of Hype to the group (+12.4% on a like-for-like basis), and also including cost items directly linked to the growth in size. The year-over-year increase was primarily due to higher costs for consultancy, marketing, IT services, and integration expenses related to the acquisition of Hype.
Depreciation and amortization, which is the result of significant strategic investments made in recent years, rose by 17.4% (+12.8% on a like-for-like basis) to €64.6 million.
In the first six months of 2026, capital expenditures (Capex) – excluding real estate – allocated to the development of strategic projects, including the adoption of AI, and the implementation of the “Make an Impact” plan amounted to €45.8 million (compared to €50.3 million in the previous year).
Deposits and lending
At 30 June 2026, total deposits, net of repos, stood at €84.1 billion, up 18.6% compared with the same period in 2025 and 11.2% since the start of the year.
Total net deposits continued to flow in at a steady and consistent pace, totaling €6.6 billion since the start of the year, of which €0.3 billion attributable to Hype, compared to €4.2 billion in June 2025.
Direct deposits, net of repos, reached €21.9 billion, up 11.7% compared with the same period last year and 6% compared with the end of 2025, equal to €1.2 billion, also benefiting from the contribution resulting from the acquisition of Hype.
Indirect deposits totaled €61.9 billion, up +20.9% compared with June 2025, and 12.8% compared with the start of the year, with net deposits amounting to €5.2 billion in the first six months of 2026.
Qualified deposits at market value, which include asset management products and other forms of deposits under advisory agreements, reached €38.3 billion (equal to 45.5% of total deposits), marking a 24% increase compared to June 2025 and 15.2% compared to the start of the year. Net qualified deposits was €3.94 billion in the first half of the year.
Lending, net of repos, increased despite greater uncertainty in the overall economic scenario, reaching €13.5 billion (+8.8% compared to the same period last year and +4.7% compared to the end of 2025), while maintaining a prudent and balanced growth trajectory in line with the growth of the group, as also confirmed by the stable trend in credit cost. The proportion of loans meeting sustainability criteria reached 20% of the loan portfolio, compared to 16.4% last year, once again confirming the group’s commitment to sustainable and impact-driven lending. In the first half of 2026, the lending activities was dynamic, with approximately €2.2 billion in new disbursements (+15.6% compared to the same period last year), underscoring the group’s active role in supporting the real economy.
The quality of the lending portfolio remained solid. At 30 June 2026, the coverage ratios had increased compared to June 2025 - the coverage ratio for non-performing loans reached 53.9% (from 51.9%), the coverage ratio for bad loans followed a similar trend to reach 70.2% (from 69.5%). The net NPL ratio was 1.3% (previously 1.4%), while the gross NPL ratio was 2.8% (previously 2.8%). The Texas Ratio was 21.7% (previously 20.3%).
Soundness and liquidity
In line with its traditional prudent approach to management, the group maintained high levels of liquidity and a substantial capital buffer in relation to minimum regulatory requirements during the first half of the year, along with rigorous asset quality control and effective risk management, while continuing to closely monitor developments in the international macroeconomic and geopolitical context.
At 30 June 2026, the CET1 ratio was 13.22%, the TIER 1 ratio was 14.01% and the Total Capital Ratio was 16.43% (they were respectively 13.21%, 13.96% and 16.22% in June 2025 and 14.68%, 15.49% and 17.79% at the end of 2025) compared to minimum SREP requirements for 2026 of 8.51% for the CET1 Ratio, 10.3% for the Tier 1 Ratio and 12.7% for the Total Capital Ratio, including the 0.034% countercyclical capital buffer and the 0.679 % systemic risk buffer, both calculated as at 30 June 2026.
Compared to 31 December 2025, the change in the CET1 Ratio is attributable to the repurchase of the entire equity interest in Hype and the subsequent full consolidation completed in the first quarter of 2026, to the regulatory changes introduced by CRR3 regarding the application of the zero floor in the development of CCF (Credit Conversion Factor) models for AIRB banks, and to the reduction of the OCI reserve (Other Comprehensive Income) mainly due to the effects of write-downs on several equity-accounted minority investments.
The group’s liquidity position remains solid. The LCR, at 215.4%, and the NSFR, at 143.18%, are well above the 100% regulatory minimum thresholds.
Sustainability
In the first half of 2026, the group remained committed to sustainability and to generating a positive impact. The project to increase the production of electricity from renewable sources also continued and the percentage of self-generated energy, calculated as the ratio of power generated from renewable sources to total consumption, had risen to 67% at the end of June 2026 from 25% at the end of June 2025. Installed capacity, as at June 2026, stood at 10.9 MW, increasing by 6 MW compared to June 2025.
The eleventh Impact Report of Sella SGR’s “Sustainable Investments” fund was also published, detailing the environmental and social impacts generated by investments made in Italy and abroad and their direct and indirect contributions to achieving the United Nations 2030 Agenda’s Sustainable Development Goals. These impacts concern various areas, ranging from energy transition to social inclusion, as well as healthcare and educational solutions. Among the main results are the involvement of over 2,800 students in dedicated programs, the distribution of 30 megawatts of renewable energy, and the saving of more than 16,000 tons of CO₂ and 880 tons of waste. The group also supported several initiatives in the areas where it is present and operates, including the donation of over 400 refurbished company computers to the Biella and Vercelli Regional Volunteer Center as a tangible contribution to third-sector organizations, schools, and citizens.
The performance of the main business segments
Among the various business segments in which the group is engaged, in addition to the good performance of traditional banking services, including non-life bancassurance, there is also that of investment services, which generated revenues amounting to €138.3 million, compared to €114.9 million in the first half of 2025 (+20.3%), supported by the increase in volumes of qualified deposits of Funds and SICAVs, asset management, insurance-financial products, and consulting. Good performance was recorded in trading revenues (both traditional and online) as a result of market conditions and the excellent results from the placement of BTP Valore bonds and Certificates during the semester. The group also supported its customers by expanding its range of products and services with ESG characteristics. Particularly significant is the figure relating to Sella SGR's investment funds with sustainability features and objectives (pursuant to Articles 8 and 9 of the SFDR), which is equal to 99.45% of total assets under management.
In the first six months of 2026, total margins from payment systems are down to €60 million (-4.1% versus June 2025) due to lower revenues from traditional payment services and higher fees charged by payment schemes, despite the growth in value of transactions processed through electronic payment systems (POS terminals, e-commerce, and issuing) reaching €22.9 billion (+19.8%), of which €1.4 billion related to Hype.
Open Finance platforms also continued to grow, generating revenues amounting to €27 million, up 11.7% (+5.3% on a like-for-like basis, reflecting the addition of finAPI and the divestiture of Codd&Date). Recurring revenues also grew further (+25.5%), accounting for 87.7% of total revenues, in part thanks to FinApi joining the group in June 2025.
Finance, which includes treasury and funding activities, securities portfolio management, investments in venture funds, and trading on own account, closed the reporting period with margins of €45.2 million, up from €37.6 million in the first six months of 2025 (+20.2%).
This performance mainly shows the positive contribution of trading and the securities portfolio. These results were achieved despite the increase in the cost of medium- to long-term funding, linked to the implementation of the funding plan aimed at achieving the MREL target.
In the first half of 2026, the average value of the group’s securities portfolio was €7.7 billion, compared with €6.3 billion in the first six months of 2025.
Corporate investment banking, which includes M&A, Private Debt, and Leveraged Finance products, recorded margins equal to €8.2 million (+19.1%) in the first semester of 2026, with a total of 10 deals completed. The Leveraged Finance and Private Debt portfolio grew by 25.1% to €420.3 million.
The performance of the group's main companies
Banca Sella
Banca Sella closed the first six months of the year with a net profit of €86.1 million, compared to €84.1 million posted in the same period last year (+2.4%), despite a higher tax level due to the measures introduced by the 2026 Budget Law. Annualized ROE was 14.8% (15% in June 2025). The CET1 ratio was 19.29% and the Total Capital Ratio 21.47% (they were 20.65% and 23.47% in June 2025 and 23.20% and 25.64% at the end of 2025). The variation in capital ratios compared to 31 December 2025 is primarily attributable to the repurchase of the entire stake and the subsequent integral consolidation of Hype.
Liquidity indicators were also extremely positive, well above regulatory thresholds: LCR at 247.8%, NSFR at 157.9% (for both, the minimum regulatory threshold is 100%).
Credit quality indicators remained solid and consistent with the bank's traditional low-risk profile. The annualized cost of credit risk was 12 bps (compared with 21 bps in June 2025 and 18 bps at the end of 2025), with higher average lending volumes and a further improvement in coverage levels.
The net NPL ratio stood at 1.2% (1.3% in June 2025 and 1.2% at the end of 2025) and the gross NPL ratio was 2.4% (2.5% in June 2025 and 2.4% at the end of 2025). The Texas Ratio amounted to 22.1% (19.7% in June 2025 and 18.5% at the end of 2025) – also due to the merger by incorporation of Hype.
Total deposits at market value stood at €48.3 billion, up 15.2% from June 2025 and 10.1% from the end of last year. Total net deposits in the first six months of 2026 were positive by €3.7 billion, supported by growth in indirect deposits and from the addition of Hype customers' e-money accounts. Lending to support household and business activities increased by 7.5% compared to June 2025 and by 4.6% compared to the end of last year, reaching €10.9 billion. The total amount of new disbursements rose to €1.2 billion, up from €0.9 billion in the first half of 2025 (+34.3%).
Total income amounted to €366.8 million (+7.7% compared with June 2025). Net interest income increased year-on-year (up 7.2% to €204.5 million) , net revenues from services also rose (+5.8% to €147.1 million), driven by higher revenues from investment services (+12% to €54.5 million), electronic payment systems (+10% to €44.8 million), and banking services (+20.5% to €19.9 million). Income from non-life insurance also performed well (+19.4% to €4.6 million), as did ancillary credit fees (+1.3% to €15.2 million). Net income from financial activities also saw significant growth (+40.9% to €15.2 million), primarily reflecting the positive contribution from the securities portfolio due to capital gains realized on sales. Hype contributed additional revenue mainly in banking and payment systems. The cost-to-income ratio was 61.3% (compared to 59.6% in June 2025).
In the first half of the year, Banca Sella took further steps to build on a development model that increasingly integrates sustainability and innovation, with the objective of providing tangible and timely solutions to the needs of households and businesses in a fast-changing context. In terms of sustainability, the bank broadened its range of tools designed to support the business community, also through partnerships with international institutions such as the EIB and Coface, thus fostering access to financing for investments focused on growth and the energy transition. At the same time, the bank continued to invest in innovation, thereby consolidating its market position, from cutting-edge digital solutions to the development of new services related to crypto-assets, initiatives that are a confirmation of the bank’s ability to combine long-term vision, positive impact, and new technologies.
This period also marks a new phase for Hype with its joining Banca Sella and the progress of the organizational and operational integration process, with a view to offering an increasingly comprehensive value proposition that is fully integrated with the Bank’s commercial offering. The aim is to strengthen the digital ecosystem so that it can support customers throughout their entire financial life cycle with tailored solutions, bringing together the breadth of Banca Sella’s offering and the immediacy that defines Hype.
Banca Patrimoni Sella & C.
Banca Patrimoni Sella & C., specializing in the wealth management and administration of private and institutional customers, closed the first half of 2026 with a net profit of €15.6 million, up compared to the €15.2 million in June 2025. The assets under management reached €37 billion, a 22.8% increase over June 2025 (+€6.8 billion) and 12.8% over the end of last year (+€4.2 billion). Total net deposits amounted to €2.9 billion, while qualified net deposits reached €2.19 billion, benefiting from customers' interest in asset management solutions. These results were influenced by the positive performance of commission income, resulting from the bank's further growth in size, as well as interest margin and profits from trading in the proprietary securities portfolio. CET1 ratio is 12.41%, while the Total Capital Ratio is 15.50% (they were 12.77% and 15.02% respectively in June 2025 and 12.35% and 15.07% at the end of 2025).
Among the subsidiaries, Sella SGR, the group's asset management company, closed the first semester with net profit of €2.1 million, up 36.4% from the same period last year, and assets under management totaling €7.1 billion (+10.8%). Furthermore, Sella Fiduciaria, a company that provides trust and family office services, closed the period with assets under management amounting to €2.2 billion, representing an increase of 13% compared to June 2025. In the semester, a total of 87 fiduciary mandates were opened, and 4 trusts and 3 family office contracts were managed.
Fabrick and the fintech ecosystem
In the first semester of 2026, the Sella Group continued its expansion in the Open Finance sector through the activities of Fabrick and its subsidiaries - Fabrick Solutions Spain, Judopay, and finAPI - which recorded total net revenues of €36.6 million, up 17% compared to the same period of the previous year (+15% on a like-for-like basis, taking into account the addition of finAPI and the sale of Codd&Date as of 1st January 2025). Performance was driven in particular by recurring revenues, which grew by 34% (+17% on a like-for-like basis) and accounted for 86% of the total, thus confirming the solidity and scalability of the business model.
The number of customers continued to grow, with the combined total for Fabrick and its subsidiaries exceeding 134,000 (+4% compared to the first half of 2025). This growth was driven by a significant increase in the number of parties connected to the Fabrick and finAPI platforms, which reached 1,259 (+38%), and in the number of POS and e-commerce operators, totaling over 132,000 customers (+3%). The latter generated a countervalue of transactions amounting to €14.7 billion, up 3.9% compared to the same period of the previous year.
During the first half of the year, Fabrick strengthened its payment services platform with the launch of “Financial Split Payments,” a solution that simplifies the management of collections and the automatic allocation of payments within complex ecosystems. The company also started operations in the pagoPA ecosystem as a Payment Service Provider (PSP), introducing “Pay by Bank” for payments to Public Administration bodies directly from a bank current account.
Lastly, the innovation ecosystem is also growing stronger - the Fintech District community, which promotes the development of open innovation projects, totaled 315 fintech associates at the end of June.