A record semester for Banca Generali which reaches the objectives set in the 2019-21 three-year business plan six months in advance.
In the first half of 2021, all the main financial parameters recorded double-digit growth, against "the increase in assets and operating leverage", underlines the institute led by Gian Maria Mossa in a note.
Going into details, the net profit rose by 44% to 190,1 million euros, while the recurring profit it reached 83,3 million euros, marking an increase of 23%. THE total revenue they soared by 43% to 432,7 million euros compared to core operating costs equal to 101,4 million (+4,6%). In the note on the accounts for the first half year, Banca Generali underlines that it has exceeded the targets of the three-year plan relating to assets and funding, with the total masses reached 80,4 billion against the range of 76-80 billion (+17%), one net collection up 35% in the first half to 3,8 billion e net flows which exceeded the objectives, settling at 14,8 billion against a target of 14,5 billion.
From an asset point of view, the CET1 ratio stands at 15,3% and the TCR ratio al 16,5%.
Sui dividends, the institute communicates that "the floor of 1,25 euros per share on the 2021 results has already been allocated, in addition to the 3,3 euros approved for the 2019/2020 financial years". A total coupon of €4,55 per share is thus reached, which will be paid between October 2021 and April 2022, for a dividend yield of 13%. The total amount will reach 500 million euros.
'The best semester in our history driven by strong growth in commercial results and financial results, with a positive contribution from all revenue items. We achieved the most ambitious objectives of the three-year plan in terms of assets and deposits 6 months in advance: the leap in size over 80 billion was driven by deposits and flows of new customers above our expectations", he commented Gian Maria Mossa, CEO and managing director of Banca Generali.
“The positive collection trend also in the first weeks of July leads us to raise the forecast for the end of the year in a range between 5,5 and 6 billion - continued the manager, underlining how the solidity and sustainability of the business is visible "both from the capital ratios and from the ability to remunerate our shareholders, and from the constant growth of the recurring profit which is substantially based on the consultancy activity of our bankers and on the multiplicity of services of the bank”.
Finally, the bank specifies that “it was prudently carried out a provision of 80 million in order to protect its customers from a potential loss relating to investments in securitization securities of healthcare receivables reserved for professional customers. It is estimated that the aforementioned provision of 80 million represents the maximum impact of the purchase offer that Banca Generali will launch by paying its customers a consideration not less than the amount initially invested, less the redemptions that have occurred and the coupons collected, against a presumable realizable value lower than expected”.
At Piazza Affari, in a day of realizations on the Ftse Mib (-0,8%) and on all European lists, the Banca Generali stock it dropped 1,53% to 34,83 euros.
