Banca Generali continues to grow. The institute's board of directors led by Gian Maria Mossa has approved the accounts for the first three months of 2018.
Based on the numbers, in the first quarter of the current year, the bank's expansion was confirmed as solid with new flows of 1,6 billion and assets under management and administration on behalf of customers rising to 56,4 billion (+13% ).
Net profit amounted to 49 million (analysts' expectations were 43,9 million), down 13% due to the "lower contribution of the more variable revenue components depending on market dynamics", explains Banca General through a note. Net of the latter, profits more than doubled to 31,8 million (+107%). The intermediation margin stood at 114,1 billion, down compared to 122,5 million in the first quarter of 2016. "The contraction - explains the institute - is linked to the decrease in variable commissions, moreover expected by the market" .
Speaking of the commercial trend, net inflows since the beginning of the year have already reached 1,9 billion euros with an acceleration in the demand for container solutions (Wrappers) and a good reception from the new Luxembourg Sicav, LUX IM, which have collected flows for over 700 million.
The Chief Executive Officer and General Manager of Banca Generali, Gian Maria Mossa, commented in a note: "A very solid and satisfactory start to the year with results which, despite greater uncertainty on the markets, continue to expand in commercial items and in the overall size of the bank, confirming the ability to stand by customers even in times of growing volatility. The strength of the recurring items and the attention to operational efficiency confirm the sustainability of a business model that is getting stronger and stronger, as indicated by the solidity of the equity ratios, giving impetus to the capacity for innovation. The growing response to our wealth management solutions and the various innovations being launched give us great confidence for growth in the coming months".
In Piazza Affari, the share of Banca Generali rises by 0,87%, clearly beating the performance of the Ftse Mib (-0,02%)
