Net income1,2 up +16% Q3/Q3 and record assets under management at €2.2 trillion
Strong growth in earnings and revenues
Q3 - adjusted net income1,2 at €337m, fast-growing: +16.1% Q3/Q3
- Thanks to revenue growth (+10.5%) and positive jaws effect
- Q3/Q3 cost/income ratio improvement at 52.9%3
9 months - adjusted net income1,2 at €1,005m, up +10.4% 9M/9M
Earnings per share2: €1.65 for Q3, €4.91 for 9M
Record AuM & dynamic MLT inflows
Record assets under management3: €2,192bn at 30 September 2024, up +11% year-on-year
Q3 net inflows3 of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate4
- +€9.1bn in MLT assets4,5,6
- Solid commercial momentum of Asian JVs: +€5.3bn
Continued strategic progress
- ETFs[6]: +€8bn in Q3 net inflows, now more than €250bn in assets under management
- Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes
- Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China
- Technology: revenues +42% Q3/Q3
- Victory Capital: approval[7] of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025
Amundi's Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.
Amundi's results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit1,2 of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.
We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.
By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry.
1 Net income Group share
2 Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
3 Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi's holding in the capital of the JV
4 As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
5 Medium-Long Term Assets
6 Excluding JVs
7 Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
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