General Bank archive 2024 with numbers from record, exceeding expectations. TheNet income grows by 32%, reaching 431 million euros, while revenues increase by 24,5%, to 981 million euros. The bank will propose a dividend of 2,80 euro per share, more than double compared to 2023 (1,28 euros, +118%). The title (+1,49% at Piazza Affari), which exceeds 50 euros per share for the first time (50,3 euros), marks a yield of 5,7%.
“The best balance sheet in our history, at the end of a three-year journey that has been able to overcome multiple critical issues, hitting and exceeding all the targets we had set ourselves – commented the CEO and General Manager, Gian Maria Mossa –. Despite market volatility and delays in the Switzerland project roadmap, we were able to record double-digit growth in all key areas, further confirming the quality and sustainability of our business model.”
Banca Generali: double-digit growth in profits and revenues in 2024
The recurring net income stands at 339,3 million euros, with an increase of 5,9% compared to the previous year and a compound annual growth (CAGR) of 24% in the three-year period 2021-2024, well above the forecasts of the three-year plan (+10-15%). This result was supported by the growth of mass gain managed e administered, who have reached the new record of almost 104 billion of euros, marking an increase of 11,9% compared to the previous year. The intermediation margin rose to 981,1 million euros (+24,5%), while the financial leeway increased by 5,4%, reaching 338,6 million euros. The commissions nice recurring grew by 6,4%, reaching 476,1 million, and the commissions variables rose to 166,4 million, a sharp increase compared to last year's 19,2 million. The interest margin saw an increase of 4,2%, reaching 317,1 million euros.
The group also reached the oobjectives of the industrial plan, with a collection of 18,2 billion and a growth in recurring earnings of 24%. In addition, it distributed cumulative dividends of 8,5 euros per share until 2025, in line with forecasts.
Dividend proposed at 2,80 euros, over 6 billion raised in 2025
The bank has also demonstrated remarkable capital strength, with a Cet1 ratio at 22% and a Total Capital Ratio (Tcr) at 24,4%, both well above the minimum requirements established by the Bank of Italy (8,3% and 12,6%, respectively). The board of directors has proposed a dividend of 327,2 million euros, equal to € 2,80 per share, with a pay-out of 76%. If approved by the shareholders' meeting on April 17, the distribution will happen in two tranches: 2,15 euros per May 2025 and 0,65 euros per February 2026.
Looking to 2025, the year that will also mark the integration of Intermonte following the success of the takeover bid launched in 2024, Banca Generali is aiming for a total net collection exceeding 6 billion of euros and over 3,5 billion in assets under investment.
