Banca Generali flies in the first three months of 2019, closed with a Net income of 66,6 million euros, up by 36,6%, a result that represents “iSecond best quarter ever”, underlines the bank. Above all, profits are driven by the numbers of recurring activities, more diversified in terms of revenue sources, and the recovery of investments on the markets. The quarterly profits, explains the institute, incorporate a positive net impact of 1,7 million linked to the application of the new accounting standards IFRS 15 and IFRS 16.
As regards the other parameters, the bank led by Gian Maria Mossa recorded an 8% increase in assets managed and administered, reaching 61,1 billion euros, while the new net flows amount to €1,4 billion (9,7% of initial assets on an annualized basis). If the month of April is also taken into consideration (+545 million), the harvesting realized in the current year is close to 2 billion euro.
The CEO, Gian Maria Mossa, commented: “We are very satisfied with the growth in these first three months of the year. We are reaping the fruits of the great work done in the past months. We have a series of very interesting innovations on the launch pad, both in terms of management and in the digital dialogue with families, as in the case of the recent launch of the new and innovative mobile banking app; for these reasons we look at the bank's prospects for the coming months with great confidence and optimism”.
Returning to the accounts, the intermediation margin rose by 17% to 133,6 million (+15% net of the adjustment for the new accounting standards). The figure benefited from the growth in the interest margin and net commissions, including the increase in variable commissions (performance fees) for 35,2 million as a result of the changed conditions of the price lists
Le management fees are equal to 155 million, in line with the fourth quarter of 2018 (-2% compared to the previous year), while the bank and entrance fees (17,8 million +7,1%) rose thanks to the growing contribution of new initiatives that enrich diversification. The financial margin fell to 19,9 million against 28,5 million last year due to the different contribution of the more volatile items, trading activities in the period (4 million against 15,2 million last year). Conversely, the interest margin increased significantly to 15,9 million (+19,9%).
I operating costs they amounted to 50 million (+7,5% on an annual basis) as a result of the growth in size, extraordinary transactions and the acceleration of existing strategic projects.
From a financial point of view, the CET 1 ratio as at 31 March 2019 it was 16,6% and the Total Capital Ratio (TCR) was 18%.
In Piazza Affari, after the publication of the accounts, the title it recovers the losses recorded in the morning and rises by 0,4% to 24,6 euros.
