Amundi posts a net income up +19% in the second quarter¹
High level of earnings
Q2 2023: Adjusted net income2,3 of €320m, +19% Q2/Q2, thanks to top line growth and very good cost control
- Good level of performance fees in uncertain markets
- Cost/income ratio of 52.3%3, Lyxor synergies achieved ahead of schedule (80% of target)
H1 2023: Adjusted net income2,3 €620m, +4.5% H1/H1
Positive inflows
In a risk-averse environment, the asset management market in Europe1 recorded weak inflows in Q2, especially in medium/long-term assets, with outflows in active management
Positive inflows for Amundi: +€3.7bn, thanks to an adapted offering
- Positive inflows in both MLT assets4 and Treasury products, both in Retail and Institutional segments
- Success of context-appropriate solutions: Treasury products, structured products, bonds (Buy & Watch)
- Record quarter in Employee Savings, strong inflows in India, beginning of stabilisation in China
AuM of €1,961bn at 30 June 2023 (+1.9% year-on-year, +1.4% over three months)
Continued development
Amundi Technology: 3 new clients in Q2, 7 in H1, of which 6 abroad, revenue +31% Q2/Q2
Continued development of the SBI MF JV in India: strong inflows (+€3.6bn) and net income growth
Responsible Investment: extension of the range of funds aligned with a Net Zero trajectory and of the share of the ESG products in the ETF range (30%5 at 30 June 2023)
Amundi's Board of Directors, chaired by Philippe Brassac, met on 27 July 2023 and approved the financial statements for the first half and the second quarter of 2023.
Amundi posted a very strong financial performance in the second quarter, despite persistently uncertain markets. Its net income increased by +19% compared to the second quarter of 2022, to €320 million thanks to top line growth and very good cost control in an inflationary environment.
We were able to adapt our offer to meet the needs of investors, who are still predominantly risk-averse. This resulted in robust sales momentum, with positive inflows in both medium- and long-term assets and treasury products.
At the same time, we continued our development, gaining new clients for Amundi Technology and expanding our Responsible Investment offering
[1] Adjusted net attributable profit in the second quarter of 2023 compared to the second quarter 2022 (see note p. 8 for the detail of adjustments)
[2] Net income Group share
[3] Adjusted data: excluding amortisation of intangible assets and Lyxor integration costs in 2022 (see note p. 8)
[4] Medium/Long-Term Assets excl. JVs
[5] In number of ETFs
