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UPDATE 1-Italy's FinecoBank expects solid Q1, stronger 2021

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MILAN, April 28 (Reuters) - Italy’s FinecoBank expects a “solid” first quarter and is confident full-year results will be better than in 2020, its chief executive told Reuters on Wednesday.

“We expect solid results that make us feel optimistic about our ability to achieve further growth this year compared to last year,” CEO Alessandro Foti said in an interview.

Milan-based FinecoBank posted a 19.2% rise in its 2020 adjusted net profit as the coronavirus emergency boosted online banking services.

Net inflows in April were consistent with the strong trend seen in previous months, with a further acceleration in assets under management and under custody, Foti said.

Net sales at the multi-channel bank were more than 3.3 billion euros in the first quarter.

Foti added that revenues in the bank’s key brokerage business this month were “good” but affected by lower market volatility.

Estimated brokerage revenues stood at 65 million euros ($78.44 million) in the first three months of 2021, a new quarterly high, despite a tough comparison with the same period last year when volatility spiked. ($1 = 0.8287 euros) (Reporting by Maria Pia Quaglia, editing by Kirsten Donovan)

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