Sella Group - growth in all business areas continues in the first quarter of 2025
The Board of Directors of the parent company Banca Sella Holding has approved the consolidated results as at 31 March 2025, confirming the Group's good performance in all business areas, in line with the 2024 financial statement, which was the first year of the new “Make an Impact” strategic plan (read the full Press Release).
The quarter closed with a consolidated net profit of €47.8 million, up 8.7% from €43.9 million in the same period last year, and a 11.3% ROE. 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 €38 million, showing a 15.7% increase from €32.8 million in the previous year.
Total income reached €282.7 million, with an increase over the same period of the previous year (+8%), well distributed among the various business areas thanks to a diversified business model. Interest income amounted to €136.2 million, decreasing slightly from €137.4 million in the previous year, thus confirming the resilience of the commercial spread in a context marked by a gradual reduction in interest rates. Significant growth in net income from services, which amounted to €121.6 million (+12.1%), mainly driven by the positive performance of investment services and electronic payment systems. Net profit from financial activities is positive by €24.9 million compared to €16.1 million in the previous year.
The performance of the Group's main companies
Banca Sella
Banca Sella closed the first quarter of 2025 with net profit of €42.1 million, down 9.1% from €46.4 million in the previous year. ROE stood at 14.5% (it was 18.4% in March 2024). The traditional capital soundness has been confirmed, with CET1 at 20.62% and Total Capital Ratio at 23.50% ( they were 20.69% and 22.52% at the end of 2024). Liquidity indicators were also very positive, well above the required thresholds with LCR at 230.7% and NSFR at 156.9% (for both the minimum required thresholds are 100%).
Credit quality indicators remain solid - the annualized cost of credit risk is 19 bps ( it was 17 bps in the first quarter of 2024 and 24 bps at the end of 2024), the net NPL Ratio is 1.3% (it was 1.6% in March 2024 and 1.2% at the end of 2024), while the gross NPL Ratio is 2.5% (it was 2.8% in March 2024 and 2.4% at the end of 2024). The gross NPL ratio, calculated according to the EBA method, stands at 2.1% (it was 2% both in March 2024 and at the end of 2024). The Texas Ratio is 19.5% (it was 23.9% in March 2024 and 19.4% at the end of 2024).
Total deposits at market value stood at €40.3 billion, up 10.6% from March 2024 and 0.1% from the end of last year. Total net deposits were positive by €0.25 billion, supported by growth in indirect deposits. Lending to support household and business activities increased by 4.8% compared to March 2024, reaching €9.9 billion.
Total income recorded a positive performance (+0.3% compared to March 2024, €167.7 million) despite a contraction in interest margin (-9.9% to €93.8 million) mainly related to interest rate dynamics. Particularly significant was the growth in net income from services (+14.3% to €68.7 million), driven by higher income from digital payment systems (+26.6% to €19.8 million) and investment services (+11.1% to €24.6 million). Also positive were the performance of ancillary loan fees (+5.5%, to €7.4 million), revenues from banking (+2.5%, to €7.5 million) and income from non-life insurance (+28.3%, to €1.7 million). Net results from financial activities (+71.6% to 5.2 million euros) were also positive.
Cost to Income is at 59% (it was 55.5% in March 2024) due to operating cost (+6.8%) being higher than the growth in total income (+0.3%).
The first quarter results highlight the soundness of Banca Sella's service model, which is characterized by sustainable activities aimed at generating a positive impact on the environment and the communities in which it operates. This model is based on strong advisory services to customers that translate into an integrated and omnichannel offering of products and services.
Banca Patrimoni Sella & C.
Banca Patrimoni Sella & C., specializing in the wealth management and administration of private and institutional clients, closed the first quarter of 2025 with a net profit of €6.3 million, broadly in line with the result for the same period last year (it was €6.2 million). The company's assets under management reached €28.7 billion, up 5.8%. Net deposits amounted to €1.8 billion, while qualified net deposits since the beginning of the year have reached €1 billion. The performance of commission income was positive, 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 12.57%, while the Total Capital Ratio is 14.08% (they were both 14.07% at the end of 2024).
At the beginning of March, Banca Patrimoni Sella & C. completed the acquisition through a merger by incorporation of Banca Galileo, a credit institution that offered private and corporate customers banking services and specialized consulting. The overall footprint of Banca Patrimoni Sella & C., and consequently of the Group, increased by about €1 billion in total deposits and about €100 million in loans, in addition to 1,800 new customers.
Among Banca Patrimoni Sella & C.'s subsidiaries, Sella SGR, the Group's asset management company, closed the financial period with net profit of €0.9 million, up 6.9% from the same period last year, and assets under management totaling €5.5 billion (+25.6%). Sella Fiduciaria, a company that provides trust and family office services, closed the first quarter with assets under management amounting to €1.8 billion, representing an increase of 7%. A total of 758 fiduciary mandates were opened, and 21 trusts and 19 family office contracts were managed.
Fabrick and the fintech ecosystem
The first quarter of 2025 marked the ongoing development and growth of Sella Group in the Open Finance industry through the activities of the specialized company Fabrick and its subsidiaries (Codd&Date, dpixel, Fabrick Solutions Spain, and Judopay), which recorded total net revenues amounting to €15 million, in line with the results of March 2024.
The Fintech District community, within the scope of which open innovation projects are developed, counts 302 fintech associates and 15 corporates with whom collaborations have been established.