Sella Group, positive performance in the first 9 months of 2025
The Board of Directors of the parent company Banca Sella Holding approved the consolidated results at 30 September 2025, confirming the Group's positive performance also in the third quarter with further improvement of total income volumes and a solid growth in the various business areas also confirmed by the increase in the number of customers (read the full Press Release).
The strategic plan “Make an Impact” continued during the quarter, with further growth in assets under management geared towards sustainable criteria and positive impact and the promotion of an open, innovative ecosystem, through new tangible actions such as Banca Sella joining a consortium of eight European banks for the issuing of a euro-denominated stablecoin, while Fabrick, the company specializing in open finance, was selected by the ECB together with Almaviva as the first contractor for the development of the mobile app that will allow all EU citizens to access the digital euro.
At the start of November, the Boards of Banca Sella and the parent company Banca Sella Holding resolved to submit an offer for 50% of the capital of Hype held by illimity Bank, a Banca Ifis Group company, in accordance with the procedure set out in the shareholders' agreement of the 50/50 joint venture. This offer was accepted and the stake will therefore be acquired by Banca Sella, which at the same time resolved to also acquire the remaining 50% from the parent company Banca Sella Holding. The transaction, subject to approval by the Bank of Italy and the relevant authorities, provides for the merger by incorporation of Hype and is part of the Group's plans for growth and development aimed at strengthening the traditional banking model based on customer relations and establishing Hype as a leader in digital banking.
The Group's financial and economic performance
The first nine months of 2025 closed with consolidated net profit of €132.2 million, up 6.5% compared to €124.1 million in the same period of the previous year, with ROE at 10.6%. Excluding non-recurring items, net profit amounted to €121 million, down 4.2% compared to the same period last year.
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 €106 million, showing an 11.3% increase from the €95.3 million in the previous year (-2% net of non-recurring items).
Non-recurring items, totaling €9.7 million, relate to the recovery in value of approximately €5.1 million of the shareholding in illimity Bank following the subscription to the public tender and exchange offer launched by Banca Ifis successfully concluded at a price higher than the carrying amount, following the €3.8 million write-down in the same period last year. The nine-month period also registered a capital gain amounting to €4.6 million resulting from the sale of the company Codd&Date.
Total income rose to €843 million (+5.6%), mirroring the solid growth across all the Group's business areas. This result was also influenced by the variation in the corporate perimeter following the acquisition in March of Banca Galileo and in June the acquisition of finAPI and the sale of Codd&Date.
Net interest income stood at €419.2 million, slightly down (0.7%) from €422.4 million in the same period of the previous year, thus showing good resilience in a context of falling interest rates, thanks to the steady growth in average loans, good management of deposits and the increase in the contribution of the securities portfolio.
Significant increase in net income from services, which reached €368.3 million (+14.3%), representing over 44% of the total revenues, stemming from the broad diversification of the Group's revenue sources. This result benefits from higher revenues from digital payment systems, and investment services. Also growing, compared to last year, were the contributions from ancillary lending charges and commissions, banking activities, bancassurance, and corporate and investment banking services.
Net income from financial activities was positive by €55.5 million, compared to the €54 million in the same period of the previous year.
The number of customers continues to grow steadily, increasing by 92,000 in the first nine months of the year and by 121,000 since September 2024, bringing the total to 1.5 million (3.3 million including Hype, until now held in a 50/50 joint venture with illimity Bank).
Deposits and lending
In the first 9 months of 2025, total deposits reached €73.5 billion, up 16.3% compared to the same period of 2024. The increase, equal to €10.3 billion, was driven by total net deposits amounting to €8.4 billion and a positive market price performance contributing €1.9 billion. Compared to the end of 2024, total deposits grew by 10.4% thanks to net deposits amounting to €5.6 billion, up from €4.7 billion in the same period of the previous year, with asset management contributing €2.9 billion and market price performance contributing approximately €1.4 billion. The addition of Banca Galileo to the Group contributed €1 billion to the growth.
Direct deposits net of repos totaled €20 billion, up €1.5 billion compared to the same period last year (+8.4%) and €0.8 billion compared to the end of 2024 (+4.4%).
Lending continued to grow at a steady pace in the first nine months of the year, reaching €12.5 billion (+8.9% compared to the same period last year and +6.5% compared to the end of 2024), showing prudent and balanced development, consistent with the structural and steady growth of the Group. The share of loans based on sustainability criteria reached approximately 17% of the lending portfolio, compared to 14.2% last year, confirming the growing integration of sustainability and impact-driven principles into the Group's activities. In the first nine months of 2025, lending activities remained particularly dynamic, with over €2.6 billion in new loans (+17%), confirming the Group's active role in supporting the real economy.
Soundness and liquidity
The Sella Group has confirmed its financial soundness with indicators that are well above regulatory requirements, high levels of liquidity, the quality of its assets, and strict risk management in a macroeconomic environment still marked by a degree of complexity.
At 30 September 2025, the CET1 ratio was 13.70%, the TIER 1 ratio was 14.46% and the Total Capital Ratio was 16.71% (they were respectively 13.38%, 13.62% and 15.57% in September 2024 and 13.81%, 14.06% and 16.05% at the end of 2024) compared to a minimum total CET1 Ratio requirement of 8.56%, Tier 1 Ratio of 10.36% and Total Capital ratio of 12.76%, inclusive of countercyclical capital buffer and systemic risk buffer.
Liquidity indicators LCR at 203.0% and NSFR at 145.6% 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. During the period, a senior preferred bond issue was successfully completed, targeting qualified counterparties and professional customers, for a total amount of €300 million.
The performance of the Group's main companies
The performance of the Group's main companies
Banca Sella results
Banca Sella closed the first nine months of 2025 with net profit of €119.4 million, slightly down from the €130.4 million in the previous year (-8.4%). Annualized ROE stood at 14.3% (it was 18% in September 2024). At 30 September CET1 was 21.29% and Total Capital Ratio 23.57% (they were 19.76% and 21.62% in September 2024 and 20.69% and 22.52% at the end of 2024). Compared to the same period of the previous year, the growth of the CET1 also benefited from the effects of the sale of a part of the stake in Visa Inc., amounting to approximately 20 bps.
Liquidity indicators were also very positive, well above the required thresholds with LCR at 247.2% and NSFR at 162.3% (for both, the minimum required thresholds are 100%).
Credit quality indicators remain solid - the annualized cost of credit risk is 20 bps (it was 22 bps in September 2024 and 24 bps at the end of 2024) with increasing loans coverage. The net NPL Ratio is 1.2% (it was 1.4% in September and 1.2% at the end of 2024), while the gross NPL Ratio is 2.5% (it was 2.5% in September and 2.4% at the end of 2024). The Texas Ratio is 19.1% (it was 22.2% in September and 19.4% at the end of 2024).
Total deposits at market value stood at €42.8 billion, up 11.8% from September 2024 and 6.2% from the end of last year. Total net deposits were positive by €1.8 billion, supported by growth in indirect deposits. Lending to support household and business activities increased by 5% compared to September 2024 and by 3.3% compared to the end of 2024, reaching €10.1 billion.
Banca Sella has further strengthened its service model, and continues to offer innovative products and services which, coupled with specialized consulting and personalized relationships, support households and businesses to manage their various financial needs in an efficient and sustainable manner. Among the most important developments of the period is a loan that allows borrowers to purchase real estate and, at the same time, carry out renovations and energy efficiency improvements through a single solution designed to simplify access to credit and promote environmental sustainability. A digital service was also launched that allows both individuals and families to have direct access to the best electricity and gas deals via Internet Banking and apps, thereby saving on energy bills.
Banca Patrimoni Sella & C.
Banca Patrimoni Sella & C., specializing in the wealth management and administration of private and institutional customers, closed the first nine months of 2025 with a net profit of €20.1 million, up compared to the €19.1 million in September 2024. The assets under management reached €31.5 billion, a 21.6% increase over September 2024 and 16.2% over the end of last year. Total net deposits amounted to €3.5 billion, while qualified net deposits reached €2.3 billion, benefiting from customers' interest in asset management solutions. These results were influenced by the positive performance of fee and 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 13.03%, while the Total Capital Ratio is 15.27% (they were both 15.41% in September 2024 and 13.98% at the end of 2024). In the period in question,, Banca Patrimoni Sella & C. completed the acquisition through a merger by incorporation of Banca Galileo.
Among Banca Patrimoni Sella & C.'s subsidiaries, Sella SGR, the Group's asset management company, closed the first nine months of 2025 with net profit of €2.3 million, up 11.4% from the same period last year, with assets under management that totaled €6.1 billion, (+25% compared to 30 September 2024). Sella Fiduciaria, a company that provides trust and family office services, closed the first nine months of 2025 with total assets amounting to €2.1 billion, representing an increase of 10% compared to September 2024.
Fabrick and the fintech ecosystem
In the first nine months of 2025, Sella Group continued developing the Open Finance sector through the activity of the specialist company Fabrick and its subsidiaries (Fabrick Solutions Spain, Judopay, and finAPI), which recorded total net revenues of €47.5 million, up 5.4% from the same period in the previous year. Recurring revenues also increased (+5.2%), representing 77% of the total without taking into consideration the effect deriving from the acquisition of finAPI in June 2025 (+14.5% and 79% of the total when taking finAPI into account).
The number of customers also increased – the number of counterparties connected to the platform at the end of September was 534, with a 43% increase y/y, generating over 1.7 billion API calls per month. The payments segment reached 130,000 customers (+8%) generating POS and e-commerce transactions with a total value of €22 billion (+7%).