In the third quarter of 2023, adjusted net income2 reached €290m, up +3.0% on the third quarter of 2022. This result was achieved thanks to a further increase in revenues, in particular due to the resilience of management fees despite the risk-off environment, and operational efficiency, which enabled a smaller annual increase in expenses than revenues, despite the inflationary environment.
Adjusted net revenues2 amounted to €780m, up +2.9% compared to the third quarter of 2022.
- Net management fees held up well over one year, at €737m, down -1.4% compared to the third quarter of 2022, which had benefited from non-recurring items;
- Performance fees totalled €10m, compared to €13m in the third quarter of 2022. This was due to the adoption of a prudent investment policy in uncertain markets.
- Amundi Technology’s revenues, at €14m, continued to grow: +13% compared to the third quarter 2022;
- Finally, net financial and other income amounted to €19m, thanks to positive rates of return on the investment of net cash.
The very good control of operating expenses2 helped to contain the increase in costs below that of revenues, at only +2.3% compared to the third quarter of 2022. As in previous quarters, the impact of inflation, which stands at 4.3% year-on-year in the eurozone4, and development investments were largely absorbed by productivity gains and synergies generated by the integration of Lyxor, which have now been almost entirely realised.
This good cost control, which was confirmed again this quarter, reflects Amundi's agility in adjusting its cost base, and the Group has the best cost/income ratio2 in the sector at 54.4%, a slight improvement compared to the third quarter of 2022.
Adjusted net earnings per share2 was €1.42 in the third quarter of 2023..