Accounts to frame for Banca Generali which closed the first nine months of this year with “the best result for the period in the bank's history”. Net profit soars, up 44% to 196 million thanks to the development of recurring activities (+18% to 103 million core profit net of variable items from the markets) and the growing contribution of initiatives related to product diversification and services.
Revenues also rose sharply, marking +23% to 408,4 million euros. Assets under management and administration rose to a new all-time high of €66,1 billion (+15% since the beginning of the year), thanks to new net inflows of €3,8 billion (6,6% of initial assets), the performance of assets equal to 3,7 billion (+6,4%) and the consolidation of the newly acquired Nextam Partners (1,1 billion euro of assets), explains the bank in a note. Including the assets of the newly-owned Swiss subsidiary, BG Valeur, total assets would amount to 67,2 billion, with an increase of almost 10 billion.
Management fees amounted to 476,9 million euro, in line with the previous year, bank and underwriting fees were up (59,8 million, +16,3%). The financial margin stood at 63,2 million, against 66,3 million last year. The interest margin increased (53,9 million +22%, +28% on a like-for-like basis.
+8,6% for operating costs, which reached 155,7 million euros, while speaking of assets, the Cet 1 stood at 16,5% (17,5% at the end of 2018) and the total capital ratio (Tcr) at 17,8% (19% at the end of 2018).
"We are very satisfied with these results for a 2019 which is proving to be the best in the history of the bank", said the managing director Gian Maria Mossa, underlining that "despite the underlying prudence among savers due to the uncertainty in the we are able to intercept the needs of households and continue to grow significantly in the flows of deposits and acquisition of new customers. The important projects on the table and the response that comes to us from the request for professional consultancy make us look forward to the coming months with confidence".
