Fineco: The Italian Bank With The Most Potential, But Still Too Expensive

  • Fineco's shift toward brokerage and investing drives higher margins and growth, but its net interest income remains under pressure due to ECB rate cuts. Customer acquisition is robust, especially among affluent clients, fueling strong growth in assets under management and recurring management fees. Fineco's cost/income ratio is improving, and profits are rising faster than revenues, but the dividend is variable and best viewed as a bonus.