Sella Group - positive results and further business growth in the first half of 2025
The Board of Directors of the parent company Banca Sella Holding approved the consolidated results at 30 June 2025, which confirmed the Group's positive performance and further improvement in all business areas, with an increase in total income and in the number of customers (read the full Press Release).
These results, driven by a business model based on the combination of specialized consulting and advanced technology, as well as broad diversification of revenue sources, confirm the Group's ability to generate value over time through a customer-focused strategy backed by the long-term vision of the Make an Impact strategic plan and its traditional prudent management approach. More specifically, during the first semester of the year, further growth was recorded in deposits, lending, and investment volumes that comply with sustainability criteria and have a positive impact on the economy and society.
The Group's financial and economic performance
The first half of 2025 closed with consolidated net income of €100.1 million, up 23% compared to €81.4 million in the same period of the previous year, with ROE at 11.4%. Excluding non-recurring items, net profit amounted to €88.5 million, up 5.1% compared to the same period last year, reflecting the good operating performance.
Consolidated net profit pertaining to the parent company, net of the quota relating to third-party shareholders present in the shareholding structure of several Group companies, was €79.7 million, showing a 27.9% increase from the €62.3 million in the previous year (+5.9% net of non-recurring items).
Total income rose to €567.8 million (+7.7%), mirroring the solid growth across all the Group's business areas. This result also benefited from the expansion of the Group following the acquisitions of Banca Galileo, a banking institution specializing in asset management and administration, completed in March, and of FinApi, a leading German player in the open banking industry, finalized in June with the aim of further strengthening the Group's position in open finance at international level.
Net interest income stood at €280.4 million, virtually unchanged from €282 million in the same period of the previous year, thus showing good resilience in a context of falling interest rates, thanks to the steady increase in average loans, good management of deposits and the contribution of the securities portfolio.
The good balance in margins is further underscored by the growth in net income from services, which reached €243 million (+14.8%), representing over 40% of the total and ensuring revenue stability in a scenario of steadily decreasing interest rates. This result benefits from growth in revenues from digital payment systems, financial advisory activities, and investment services, as well as contributions from ancillary lending charges and commissions, banking activities, and bancassurance. Net income from financial activities was positive by €44.4 million, compared to the €33.4 million in the same period of the previous year.
The effectiveness of the business model is also confirmed by the constant increase in the number of customers, which has grown by 111,000 since June 2024 (+63,000 in the first half of the year), bringing the total to 1.48 million (3.26 million including Hype, held in a joint venture with illimity Bank).
Deposits and lending
The results achieved in asset and wealth management were particularly significant, with total deposits exceeding €70 billion, up 15.8% or €9.7 billion, of which €8 billion relating to net deposits and €1.7 billion to market price performance. Compared to the end of 2024, there was a 6.5% increase, equal to €4.3 billion, driven by significant total net deposits amounting to €4 billion (compared to €3.7 billion in the first half of 2024), with asset management contributing €2.4 billion and market price performance contributing €0.3 billion. The acquisition of Banca Galileo contributed €1 billion to these growth figures.
Deposits under management also increased significantly, reaching €26.6 billion, +18.4% compared to the same period last year, equal to €4.1 billion (€0.7 billion related to market price performance) and +9.9% compared to the end of 2024. The first six months of 2025 recorded a solid result for net deposits under management amounting to €2.4 billion.
Lending continued to grow at a steady pace, reaching €12.4 billion (+9.1% compared to the same period last year and +5.9% compared to the end of 2024), in line with the structural and balanced growth of the business model. In the first half of 2025, lending activities were particularly dynamic, with over €1.8 billion in new loans (+13.5%), confirming the Group's active role in supporting the real economy.
Soundness and liquidity
In a macroeconomic environment marked by high uncertainty fueled by geopolitical and trade tensions and the rise of new systemic risks, the Group has confirmed its financial soundness with indicators that are well above regulatory requirements, high levels of liquidity, the quality of its assets, and strong risk management.
At 30 June 2025, the CET1 ratio was 13.21%, the TIER 1 ratio was 13.96% and the Total Capital Ratio was 16.22% (they were respectively 13.02%, 13.27% and 15.39% in June 2024 and 13.80%, 14.06% and 16.05% at the end of 2024) compared to minimum SREP requirements for 2025 of 7.8%, 9.6% and 12%. In addition to the above, the 0.031% countercyclical capital buffer and the 0.732% systemic risk buffer (the latter calculated on 1% of significant exposures as of June 30, 2025) must be met, for a minimum total CET1 Ratio requirement of 8.56% (10.36% for the TIER 1 ratio and 12.76% for the Total Capital).
Liquidity indicators LCR at 200.5% and NSFR at 142.1% are well above the minimum regulatory thresholds of 100%, thus attesting to the high level of liquidity available and the ability to meet short- and medium-term commitments.
The performance of the Group's main companies
Banca Sella
Banca Sella closed the first semester of 2025 with net profit of €84.1 million, slightly down from the €84.8 million in the previous year (-0.8%). ROE stood at 15% (it was 17.6% in June 2024). The traditional capital soundness has been strengthened, with CET1 at 20.65% and Total Capital Ratio at 23.47% (they were 19.31% and 22.17% in June 2024 and 20.69% and 22.52% at the end of 2024). The increase in CET1 was also due to the effects of the sale of a part of the stake in Visa Inc., amounting to approximately 22 bps compared to the June 2024 figure. Liquidity indicators were also very positive, well above the required thresholds with LCR at 230.5% and NSFR at 155.2% (for both, the minimum required thresholds are 100%).
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 2025 with a net profit of €15.2 million, up compared to the €13.5 million in June 2024. The assets under management reached €30.1 billion, a 20.4% increase over June 2024 and 10.8% over the end of last year. Total net deposits amounted to €2.8 billion, while qualified net deposits reached €1.7 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 is 12.77%, while the Total Capital Ratio is 15.02% (they were both 15.25% in June 2024 and 13.98% at the end of 2024).