Italian private banking concluded the third quarter of 2025 with assets under management totaling €1.371 billion, representing a 4% increase compared to the previous half-year. This signifies the highest quarterly growth of 2025 and surpasses anticipated outcomes. In light of these findings, projections for private banking's role in the Italian financial sector have been revised upward. Projected asset growth by year-end, initially estimated at +7.8% relative to 2024, is now revised to +11.2%, amounting to a total of €1.398 billion. The quarterly performance is positively impacted by a market effect that exceeds expectations (+2.2%, equivalent to €29 billion), particularly in a context still marked by residual uncertainties. Despite concerns about potential stock market corrections, the contribution to performance during the quarter remains highly positive. Net inflows remain steady (+1.1%, equivalent to €14 billion).