PR Newswire/Les Echos/
PARIS, 12 MAY 2015
2015 FIRST QUARTER: NBI UP 12%
"This year has gotten off to a good start. After the successful operational
integration of the network acquired in January 2014, we now have a unified
commercial structure, reinforced productivity and an expanded capacity to
capture new inflows. At the same time, business trends for our subsidiaries CGP
Entrepreneurs and Myria AM are on track with the roadmap. Having successfully
executed all components of our "Wealth Management Ambition 2015" ("Ambition
Patrimoine 2015") enterprise project, UFF has laid solid foundations to build
its next strategic plan" commented Paul Younès, UFF General Manager.
NBI (EUR millions) 2013 2014 2015 Change
First quarter 38.2 45.1 50.5 12%
- Commissions on investment inflows 14.7 18.5 18.5 0%
- Commissions on assets under
management 21.8 26.6 31.5 18%
- Net interest and similar income 1.7 - 0.5 NS
Robust commercial activity generating investment commissions of EUR18.5 million
Commercial inflows in the 2015 first quarter rose 36% from last year's same
period to EUR320 million. This improvement reflects improved productivity at
the level of both the historic structure and the new network acquired in 2014.
This performance was moreover registered across all asset classes:
* Life insurance was up 23%, with a 66% increase for unit linked products;
* The upturn for transferable securities was confirmed by 22% growth in the
period, driven largely by wealth tax (ISF) optimization products.
* Significant growth in direct real estate investments (+116%) was largely
driven by new legislative provisions ("Pinel Law") and increased distribution
* New investments in REIT units registered growth of 8%, concentrated
exclusively in the commercial property segment.
Commissions on investment inflows were stable in relation to the 2014 first
quarter, though included increases in transferable securities and the corporate
sector. Real estate was stable as commissions are recognized when the deed is
executed. On that basis, commissions to be received from reservations amounted
to EUR21.1 million compared to EUR14.3 million for the 2014 first quarter.
Commission income from life insurance products declined marginally by 4%,
reflecting the diversification in the activity of advisors from the recently
acquired network as they shift their focus to real estate products.
18% growth in commissions on assets under management
Net inflows reached EUR48 million, up sharply from one year earlier
(EUR16 million). This trend reflects robust commercial activity, limited
redemptions as well as a base effect from the EUR14 million fund redemption
outflow in the 2014 first quarter.
Assets under management also benefited from very favourable short-term
fluctuations and amounted to EUR11.6 billion at 31 March 2015, up 9% from one
Commissions on assets under management rose accordingly to EUR31.5 million, up
from EUR26.6 million at 31 March 2014, or 18%, and in line with growth in
average assets under management and in the margin rate linked to the
contribution of the management company, Myria AM.
Net Banking Income for the 2015 first quarter amounted to EUR50.5 million, up
12% from last year's firstquarter. This includes FINANCIAL income of
EUR0.5 million from capital gains on investments.
The product range that was considerably expanded last year will be
further enhanced in 2015 (notably for mutual funds, personal protection
investment products and real estate investment programs) to drive continuing
commercial growth by better meeting the needs of customers seeking to take
advantage of cyclical opportunities.
At the same time, efforts will focus on the continuing integration of new
staff, stabilizing the new organization and implementing tools and processes to
achieve ongoing improvements in operational performances and productivity.
Upcoming event: publication of half-year results, 23 July 2015
UFF in brief
Set up in 1968, Union Financière de France Banque is a provider of wealth
management services and products for individual and corporate clients. UFF's
product range includes real estate, financial securities, and life assurance,
as well as a wide range of products for companies (retirement savings plans,
employee savings plans, medium term cash management, etc.).
With more than 1,450 employees that include more than 1,150 financial advisors,
Union Financière de France has an extensive network covering all of France.
On 31 March 2015 Union Financière de France had a customer base of 216,000
clients (193,000 individuals and 23,000 corporate clients).
Union Financière de France Banque is listed on Euronext Paris (Segment B)
euroclear Code 3454
isin Code FR0000034548
For additional information, please contact:
Karyn Bayle Françoise Paumelle
Deputy Managing Director Director of Communications
Tel: +33 1 40 69 64 47 Tel: +33 1 40 69 63 75
Tel: +33 1 40 41 56 09
UNION FINANCIERE DE FRANCE BANQUE
32, avenue d'Iéna 75783 Paris Cedex 16 - T. + 33 1 40 69 65 17 -
UFF Customer Services Contact: 0810 732 732 - www.uff.net - French joint stock
company (Société Anonyme) with a share capital of EUR15,467,031.07 - Registered
in Paris (R.C.S. No°473 801 330)
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