Wednesday, May 22, 2024

Amundi surges as on bigger-than-expected profit, record AUM By

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Amundi, the largest fund manager in Europe, saw its shares jump 7% in Paris trading Friday after the company reported record assets under management (AUM) and beat expectations for earnings and revenue in Q1.

For the fiscal first quarter, Amundi posted adjusted net income was 318 million euros, a 5.9% rise from the previous year, and above the analyst consensus of 312 million euros.

Profit before tax (PBT) for the period was reported at 413 million euros, which was 2% higher than the consensus estimate of 409 million euros.

Revenue was reported at 824 million euros, beating the consensus estimates of 807.91 million euros.

The highlight of the report was a 9.4% annual increase in Amundi’s AUM. Specifically, the company’s AUM during the quarter surged by nearly 17 billion euros ($18.23 billion), bringing total AUM to a record 2,116 billion euros.

This marks a 3.9% increase from the previous quarter and surpasses the 4.6 billion euros growth forecast by analysts, as per data from Visible Alpha.

“Period-end AUM came in 1% ahead of cons. at €2,116bn, driven by positive market & FX effects (+ €63.0bn) and NNM at +€16.6bn (cons. +€9.0bn); active management net flows turned positive for the first time since 3Q22 at +€1.3b,” analysts at Jefferies said in a note on Amundi’s print.

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