Sella Group: growth in customers, deposits and lending in the first 9 months of the year
The Board of Directors of the parent company, Banca Sella Holding, approved the consolidated results as of September 30, 2026, which confirmed the group’s strong performance across the various business areas. In fact, during the first nine months of the year, deposits and loans to households and businesses have grown, and the number of customers increased further. The increase in business volumes supported the rise in net interest income. The value of transactions processed through electronic payment systems and activity on Open Finance platforms also grew (Read the full press release here).
As part of its growth strategies aimed at serving customers, work began in early October on the creation of a single private banking hub, with the transfer of Banca Sella’s private banking division to Banca Patrimoni Sella & C. The goal is to integrate the distinctive expertise of the two entities, enhance the quality of service and customer relationships, and further consolidate the group’s market position. The transaction, which is expected to take effect in February 2027 subject to approval by the relevant authorities, will create an entity with approximately €55 billion in assets under management and over 1,600 professionals.
The figures for the first 9 months of 2026 take into account the addition of Hype in the Group’s perimeter, fully consolidated since 6 February. With a view to facilitating a better comparison, the variation between the figures as at 30 September 2026 and 30 September 2025 is presented also assuming full consolidation of Hype in the first 9 months of 2025.
The group's financial and economic performance
The first 9 months of 2026 closed with consolidated net income of €204.1 million, compared to €132.2 million in the same period last year, with ROE of 13.9%. This result benefits from a capital gain 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 this effect, net income came in at €133.8 million, compared with €120.8 million at the end of September 2025 on a comparable basis and excluding the positive non-recurring items recorded last year related to the acceptance of the public tender offer launched by Banca Ifis for illimity and the sale of the subsidiary Codd&Date, with a ROE of 10.1%, in line with the group’s forecasts.
Deposits and lending
At 30 September 2026, total deposits, net of repos, stood at €84.6 billion, up 15% compared with the same period in 2025 and 11.6% since the start of the year.
Total net deposits continued to flow in at a steady and consistent pace, totaling €7.6 billion since the start of the year, of which €0.3 billion attributable to Hype, compared to €5.6 billion in September 2025.
Direct deposits, net of repos, reached €21.9 billion, up 9.8% compared with the same period last year (equal to €1.2 billion, also benefiting from the contribution resulting from the acquisition of Hype) and 5.9% compared with the end of 2025.
Indirect deposits totaled €62.4 billion, up +16.8% compared with September 2025, and 13.6% compared with the start of the year. Net deposits in the first 9 months of 2026 amounted to €6.2 billion.
Qualified deposits at market value, which include asset management products and other forms of deposits under advisory agreements, reached €38.6 billion (equal to 45.7% of total deposits), marking a 19.8% increase compared to September 2025 and 16.3% compared to the start of the year. Net qualified deposits was €4.6 billion in the first 9 months of 2026.
Lending, net of repos, increased despite greater uncertainty in the overall economic environment and the rise in official benchmark interest rates since September, reaching €13.7 billion (+10.1% compared to the same period last year and +6.6% compared to the end of 2025). Loans to customers continue to grow in a prudent and balanced manner in line with the Group’s growth, as evidenced by the stable trend in the cost of credit. The share of loans meeting sustainability criteria reached 20.8% of the loan portfolio, compared to 16.9% in September 2025, confirming the commitment to sustainable and impact-driven lending. In the first nine months of 2026, new loans disbursed to households and businesses totaled €3.1 billion (+15.3% compared to the same period last year), confirming the Group’s role in supporting the real economy.
Solidity 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 9 months 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 September 2026 il CET1 Ratio was 13.38%, the Tier 1 Ratio al 14.17% and the Total Capital Ratio al 16.60% (they were respectively 13.70%, 14.46% and 16.71% in September 2025 and 14.68%, 15.49% and 17.79% at the end of 2025) compared to minimum SREP requirements for 2026 of 8.52% for the CET1 Ratio, 10.32% for the Tier 1 Ratio and 12.72% for the Total Capital Ratio, including the 0.038% countercyclical capital buffer and the 0.677% systemic risk buffer, both calculated as at 30 September 2026.
The group’s liquidity position remains solid. The LCR, at 204%, and the NSFR, at 138.7%, are well above the 100% regulatory minimum thresholds.
The performance of the main business segments
Among the various business sectors in which the group operates, in addition to the strong performance of traditional banking services, including non-life bancassurance, investment services posted excellent results, generating revenues of €203.2 million, compared with €174.9 in the first nine months of 2025 (+16.1%), driven by increased volumes of qualified fund and SICAV subscriptions, asset management, and insurance-linked investment products. Trading revenues (both traditional and online) performed well due to market dynamics and the excellent results from the placement of BTP Valore bonds and certificates. The group also helped support clients by expanding its offering of products and services with ESG characteristics. Particularly significant is the figure for the assets under management in Sella SGR’s investment funds with sustainability characteristics and objectives (pursuant to Articles 8 and 9 of the SFDR), which accounted for 99.48% of total assets under management.
In the first nine months, total margins from payment systems declined to €92.4 million (-2.9% compared to September 2025) due to lower revenues from traditional payment services and higher costs charged by international payment networks, despite growth in the value of transaction volumes processed through electronic payment systems (POS, e-commerce, and card issuing), which reached €36 billion (+20.2%), of which €2.4 billion were attributable to Hype.
The development of Open Finance platforms also continued, generating revenues of €40.7 million, up 9.4% (+4.3% on a like-for-like basis, due to the addition of finAPI and the departure of Codd&Date). Recurring revenue is up (+17.8%) and accounts for 88.2% of total revenue, thanks in part to finAPI joining the group in June 2025.
Finance, which includes treasury and funding activities, securities portfolio management, investments in venture capital funds, and proprietary trading, closed the period with margins of €57 million, up from the €49.7 million recorded in the first nine months of 2025 (+14.6%). This trend primarily reflects the positive contribution from trading activities 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 to meet the MREL requirement. In the first nine months of 2026, the average volume of the Group’s proprietary securities portfolio was €7.7 billion, compared to €6.4 billion in the first nine months of 2025.
Corporate investment banking, specifically in the areas of M&A, Private Debt, and Leveraged Finance, reported margins of €13.2 million (+16%) in the first nine months of 2026, with a total of 20 transactions completed. The outstanding balance of Leveraged Finance and Private Dbt grew by 19.9% to €418.5 million.
The performance of the group's main companies
The group currently consists of 22 companies. The results of the main ones are presented below.
The results of Banca Sella
Banca Sella closed the first nine months of the year with a net profit of €129.6 million, compared with the €119.4 million recorded in the same period last year (+8.6%), despite a higher tax burden attributable to the measures introduced by the 2026 Budget Law. Annualized ROE stood at 14.8% (compared to 14.3% in September 2025).
The CET1 ratio is 19.35%, and the Total Capital Ratio is 21.49% (compared to 21.29% and 23.57% as of September 2025, and 23.20% and 25.64% at the end of 2025). The change in capital ratios compared to December 31, 2025, is primarily attributable to the repurchase of the entire equity interest and the subsequent full consolidation of Hype.
Liquidity indicators were also very positive, well above the required thresholds: LCR at 237.8%, NSFR at 152.5% (the minimum regulatory thresholds are 100% for both).
Credit quality indicators remain solid and consistent with the bank’s traditionally low risk profile. The annualized cost of credit risk stands at 11 bps (compared to 20 bps in September 2025 and 18 bps at the end of 2025), despite higher average loan volumes and a further strengthening of coverage levels.
The net NPL ratio stands at 1.1% (compared to 1.2% in September 2025 and at the end of 2025), and the gross NPL ratio stands at 2.4% (compared to 2.5% in September 2025 and 2.4% at the end of 2025). The Texas Ratio stands at 21% (compared to 19.1% in September 2025 and 18.5% at the end of 2025), partly due to the merger by incorporation of Hype.
Banca Patrimoni Sella & C.
Banca Patrimoni Sella & C., the group’s bank specializing in the management and administration of assets for private and institutional clients, closed the first nine months of 2026 with a net profit of €23.1 million, up from €20.1 million in September 2025. Annualized ROE stood at 14.4% (compared to 14% in September 2025), while ROTE stood at 17% (compared to 17.1% in September 2025).
The CET1 ratio stood at 12.83% and the Total Capital Ratio at 15.51% (compared with 13.03% and 15.27%, respectively, in September 2025, and 12.35% and 15.07% at the end of 2025). Liquidity indicators were also strong, well above the required thresholds (set at 100%): LCR at 194.25%, NSFR at 160.91%.
Assets under management reached €37.4 billion, up 18.6% from September 2025 (+€5.8 billion) and 14% from December 2025 (+€4.6 billion). Asset management and advanced advisory services totaled €24.4 billion, accounting for 65.2% of the total, with an increase of 18.4% year-over-year and 13.8% year-to-date. In the first nine months, total net inflows amounted to €3.6 billion, of which €2.3 billion were qualified inflows, compared to €3.5 billion and €2.2 billion, respectively, in the same period of 2025. Including the subsidiaries Sella Sgr and Sella Fiduciaria, Banca Patrimoni Sella & C.’s total assets under management stood at €43.3 billion at the end of the first nine months, net of duplicates.
Fabrick and the fintech ecosystem
In the first nine months of 2026, the Sella Group continued its growth trajectory in Open Finance through Fabrick and its subsidiaries —Fabrick Solutions Spain, Judopay, and finAPI—which reported total net revenue of €54.8 million, up 15.3% compared to the same period last year (+14% on a like-for-like basis, taking into account the addition of finAPI and the divestiture of Codd&Date effective January 1, 2025). This performance was driven in particular by recurring revenue, which grew by 27.1% (+16.6% on a like-for-like basis) and accounted for 87% of the total.
In addition, the customer base continued to expand, reaching approximately 137,000 (+4.1% compared to the first nine months of 2025). Specifically, the number of entities connected to the Fabrick and finAPI platforms rose to 1,393 (+39.9%), while POS and e-commerce operators exceeded 135,000 (+3.9%), generating transactions worth €22.8 billion, up 3.9% compared to the same period last year.