(Alliance News) - The board of directors of Intermonte Partners SIM Spa on Thursday evening approved the condensed consolidated half-year financial report as of June 30, 2023.

In an extremely difficult market environment for the sector of reference, reads the released note, "the group closed the first half of 2023 with a consolidated net profit of EUR1.1 million, down from the first half of 2022. Compared to this result, the two months following the end of the half year show a strong recovery in profitability due in part to the accrual of significant revenues after June 30, 2023."

Total group net revenues stood at EUR14.8 million, down more than 30 percent year-on-year, with the Sales & Trading (S&T) division accounting for 41 percent of total revenues, the Investment Banking (IB) division 25 percent, the Global Markets (GM) division 22 percent, and the Digital & Advisory (DD&A) division 12 percent of total revenues.

The decline in revenues is in line with industry trends, which in the first half of the year suffered from both a sharp decline, across the board, in brokerage and Global Markets business, and a significant drop in Investment Banking revenues amid continued uncertainty for investors and corporations. Intermonte confirmed a capital strength among the highest in the financial industry, with an IFR Ratio of approx. 5.5x the minimum capital requirements, which compares with the 3.9x recorded in June 2022.

"Thanks to a generalized recovery, preliminary data as of August 31, 2023 show a significant improvement over the trend in the first half of the year. In the July-August two-month period, revenues grew by 50 percent YoY, with the first eight months of the year reducing the decline to 15 percent compared to the same period last year, thanks to a recovery in all areas, particularly Investment Banking and Global Markets," reads the company note released.

Intermonte Partners closed Thursday's session flat at EUR2.43 per share

By Maurizio Carta, Alliance News reporter

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