(Alliance News) - Azimut Holding Spa reported on Thursday that in the first half of the year it achieved total revenues of EUR643 million versus EUR668 million in the first half of 2022.

Operating income amounted to EUR286 million from EUR279 million in the same period of 2022.

Adjusted net income was EUR231 million from EUR202 million in the first half of the previous year.

Total assets under management stood at EUR57.8 billion and, including assets under administration, reached EUR85.3 billion at the end of June 2023 versus EUR81.2 and EUR74.4 billion as of June 30, 2022, with International Business accounting for 45 percent.

Pietro Giuliani, chairman of the group, commented, "In 2016 we launched the first fund in Italy on unlisted markets, Ipo Club by Electa Ventures. Today almost all our competitors are doing this; Azimut meanwhile has 12.3 percent of assets under management, over EUR7 billion in products of this type. In 2022 we will be the first non-bank operator by amount financed to Italian companies, and in 2023 we will do the same. Our net profit after 6 months is EUR231 million and the year-end target is to exceed EUR450 million, which we confirm."

Gabriele Blei, CEO of the group, added, "The first half of 2023 confirmed the group's ability to generate positive net inflows of more than EUR3.7 billion and a net profit of EUR231 million, thanks to its geographic presence in 18 countries and proprietary distribution channels. The four business segments-Italy, International, Private Markets and Fintech-confirmed or increased last year's financial results. We focus on building diversified portfolios with a high innovative content to generate positive performance in the medium to long term, unlike competitors who respond to current challenges with traditional instruments such as government bonds or guaranteed yield deposits. With more than 50 products for private markets, a global management team and a strong focus on technological innovation, Azimut will continue to be a benchmark for corporate clients."

Azimut Holding's stock rises 3.4 percent to EUR20.98 per share.

By Chiara Bruschi, Alliance News reporter

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