Banca Generali closed the first nine months of 2017 with a net profit of 147,4 million euro, an increase of 24% compared to the previous year. In the period, Banca Generali achieved an increase in assets to 53,8 billion (+19%), accompanied by careful management of operating costs, which were virtually unchanged in absolute terms (+0,4% to 139,2 million). A result, underlines a press release, achieved despite the absorption of important investments aimed at the bank's growth, and the extraordinary charges (equal to 3,7 million) linked to participation in the voluntary scheme of the Interbank Fund for the recapitalization of the sector.
The intermediation margin settled in the nine months at 384,3 million (+19,1%). Specifically, management fees increased by 18,9%. The interest margin rose by 6% to 47,1 million. The Cet1 ratio stood at 17,8% (+110 basis points since the beginning of the year) and the Total Capital ratio at 19,6% (+120 basis points since the beginning of the year).
In the 9 months, the cost-income ratio (net of performance fees) stood at 46,2% pro-forma. Consolidated shareholders' equity further improved to 667 million (+3% since the beginning of 2017). In the third quarter of 2017 alone, net profit stood at 39,3 million compared to 51,3 million in the third quarter of 2016 (-23,5%). The result takes into account the impact of costs on the interbank fund for the recent bailout of some local banks.
Net inflows in the nine months, equal to 5,16 billion, rose by 26% on an annual basis. In the period, Banca Generali confirmed its position as one of the leaders in the sector with a market share of 17,2% (source: Assoreti), which rises to 21,5% if the contribution of structures formed by private banker employees of competitors is excluded . Assets under management and administration as at 30 September 2017 amounted to €53,8 billion, with an increase of 19% on an annual basis and 13% since the beginning of the year.
In particular, in October, net inflows amounted to 555 million new flows, bringing the balance in the 10 months from January 2017 to 5,7 billion, 27% higher than that recorded in the corresponding period of 2016. managed last month was 459 million with a year-to-date total of 5,1 billion.
"We are very satisfied with the strong growth trend of the bank which is heading towards a year end marked by new highs in deposits, which we have revised in the estimates from 5,5 to 6,5 billion - declared the managing director and General Manager of Banca Generali, Gian Maria Mossa – We have increasingly solid foundations to close the financial year in the best possible way and face the renewed challenges of the coming months with enthusiasm”.
