Operator

[Audio Gap]

[Operator Instructions] At this time, I would like to turn the conference over to Mr. Alessandro Foti, CEO and General Manager of FinecoBank. Please go ahead, sir.

Alessandro Foti
CEO, GM & Executive Director

Good morning, everyone, and thank you for joining our results conference call. First quarter net profit stable year-on-year at EUR 162 million despite the higher tax rate by 2 percentage points. Revenues up by around 4% year-on-year at EUR 343 million, with all product areas contributing positively. Banking up by around 2% with higher deposits volumes more than offsetting the lower interest rates. Investing up by 8%, thanks to the volume effect. Brokerage up by around 5%, thanks to the higher stock of assets under custody and the expanding active investor base. Operating costs were under control at around EUR 95 million, increasing by around 5.2% year-on-year, excluding the additional costs related to the growth of the business. Cost-income ratio was equal to 27.7%, confirming operating leverage as a key strength of the bank. Our capital position confirmed to be strong and safe with a common equity Tier 1 ratio at 23.34% and leverage ratio at 5.14%.

Moving to our commercial performance. We are experiencing a material step-up in our growth. This is driven by our unique positioning, capturing long-term structural trends and by our execution on several initiatives. The impact of