First Quarter Results: €235m Net Income Growth

A high level of accounting net income: €235m up by 6% vs. Q1 2018 and by 22% vs. Q4 2018

Results

A new improvement in results:

A high level of accounting net income at €235m, up by +6.4% vs. Q1 2018 and +22.4% vs. Q4 2018
Adjusted net income¹ of €247m, up by +3.2% vs. Q1 2018 and by +10.0% vs. Q4 2018
Net management fees of €621m, up by +0.9% on Q1 2018 and +0.6% on Q4 2018
Cost/income ratio¹ of 50.9%, stable vs. Q1 2018 and improved by 1.6pt compared to Q4 2018

Business activity

Assets under management²: €1,476bn at 31 March 2019, +3.6% vs. 31 December 2018
Steady net inflows² in Medium-Long-Term Assets^[3], in both the Retail and Institutional segments: +€8.4bn excluding reinternalisation of a specific mandate in Italy
Total net outflows of -€6.9bn due to:
substantial outflows from treasury products (-€9.0bn)
the reinternalisation (in January) of a specific institutional mandate in Italy (-€6.3bn)

Amundi’s Board of Directors, chaired by Xavier Musca, convened on 25 April 2019 to review the financial statements for the first quarter of 2019.

Yves Perrier

Amundi's CEO

With a sharp improvement of profitability, this first quarter is in line with the roadmap and the targets stated for 2020. The Pioneer integration is finalized. Against a backdrop of persistent risk aversion, the turnaround in inflows in medium-long-term assets illustrates Amundi’s capacity to meet the needs of all its clients, through the continuous enhancement of its solutions and international presence.

_{Adjusted data: excluding amortisation of the distribution contracts and, in 2018, excluding costs associated with the integration of Pioneer.}
_{Assets under management and net inflows include assets under advisory and assets sold, and take into account 100% of assets under management and net inflows on the Asian JVs. For Wafa in Morocco, assets are reported on a proportional consolidation basis.}
_{Medium-Long-Term (MLT) Assets excluding treasury products: equity, fixed income, real, alternative and structured assets.}