Amundi has reported a sharp increase in results following the integration of Pioneer with accounting income for Q3 – the first period of consolidated results – totalling EUR184 million, an increase of 34.3 per cent.
Current combined net income for Q3 2017 meanwhile, totals EUR217 million, an increase of 10.8 per cent. Amundi’s accounts at 30 September 2017 take into account nine months of Amundi and three months of Pioneer.
Current net income Group share (excluding integration costs and amortisation of distribution contracts) totals EUR531 million, up 25.3 per cent vs first nine months of 2016, while net income Group share after integration costs and amortisation of distribution contracts amounts to EUR472 million, up 13.7 per cent over the same period in 2016.
Current net income Group share (excluding integration costs and amortisation of distribution contracts) stands at EUR217 million, up 55 per cent on Q3 2016, while net income Group share after integration costs and amortisation of distribution contracts amounts to EUR184 million, up 34.3 per cent on Q3 2016.
The combined results, which are used to appraise the new Group’s performance on a comparable basis, increased significantly (+11 per cent) thanks to solid gains in revenues and the improved cost/income ratio.
Over the first nine months of 2017, net revenues amounted to EUR1,971 million, up +6 per cent on the first nine months of 2016, in line with the growth of assets under management which stood at a combined total (Amundi & Pioneer) EUR1,400 billion at 30 September 2017.
Operating expenses were controlled, increasing only 1.8 per cent; the result being a cost/income ratio of 53.1 per cent, a 2.2-point improvement. The share of net income of equity-accounted entities (essentially Asian Joint Ventures) rose significantly (+18 per cent), to EUR25 million. Taking into account a tax charge of EUR291 million, current net income Group share amounted to EUR650 million, an increase of +11.1 per cent compared to the first nine months of 2016.
Net revenues of EUR632 million, were up +4.4 per cent. Thanks to a moderate trend in operating expenses (+1.4 per cent), the cost/income ratio was down by 1.6 point to stand at 53.5 per cent. After tax, current net income Group share was EUR217 million (+10.8 per cent). After accounting for the amortisation of distribution contracts and Pioneer’s integration costs, net income Group share was EUR184 million.
Yves Perrier, Amundi CEO, says: “Amundi’s results at the end of September are up significantly, thanks to the integration of Pioneer and to business momentum, which is staying high in all business lines. The integration of Pioneer (acquired on 3 July 2017) is well under way, so we can confirm the announced synergies and potential value creation.”
