The half-yearly season continues with Banca Generali which closed the first six months of 2019 with sharply increasing profits, revenues and assets under management and above analysts' estimates.
In detail, theNet income grew by 43% to 132,8 million euros. A figure that represents "the best half-year result in the bank's history", underlines Banca Generali, also achieved by an increase of 12% to 65 million eurosrecurring net income, A clear improvement also i revenues, up 22% to 272,7 million (+18% net of the adjustments related to the new accounting standards).
I operating costs reached 100,9 million (+8%), while Il Cet1 ratio stood at 15,7% and the Tcr ratio at 17,1%. Furthermore, the institute also saw total assets rise by 8% to 62,9 billion (pro-forma total assets equal to 65 billion), while assets under advanced advisory services increased by 75% to 4 billion.
Le management fees amounted to 313,8 million (+2,5% quarter on quarter), "progressively normalizing after the contraction in the fourth quarter of 2018 due to market volatility", explains the bank. They rose by 10,4% to 39,9 million bank and entrance fees driven by advanced consultancy activities (Bgpa) and diversification tools such as the solutions offered by certificates and private placements.
Il financial leeway stood at 39,6 million against 48,6 million last year, while the interest margin it rose to 33,6 million (+20%, +26% on a like-for-like basis) “thanks to the reinvestment of maturing securities and a large part of the liquidity held at the end of the year”.
In the first half of 2019, net collection it reached 2,8 billion euro, of which 1,2 billion in managed and insurance solutions and 1,6 billion in current accounts and administered savings.
“Despite the signs of prudence from the end of last year and the uncertainties on the economic situation, professionalism and closeness have once again made the difference in customer relations. The diversification of revenues and the acceleration of advanced advisory services confirm the growing attention to asset areas and risk protection which are increasingly recognized strengths of our reality", said the CEO of Banca Generali, Gian Maria Mossa, underlining that the institute is "proceeding at full speed in the development of our business plan with great attention to the issues of innovation and people's value".
Mossa also explained that "the solidity of deposits and the ability to intercept a growing portion of private customers give us confidence for the second half of the year".
