It went off with a bang General Bank this year. In the first two months exceeded one billion (1,049) in net collections, with a growth of 22%, while the month of February recorded an all-time record with 726 million with an annual growth of 64% both in volumes and in the quality of its composition.
It was mainly the collection in Investment products and services (Assets under Investment) to have affected the result, in the wake of the "growing demand for the requalification of savings by families" says the bank. Flows in this category amounted to 404 million in the month (503 million since the beginning of the year), compared to 29 million in the corresponding month last year.
“Il best February ever in the history of the bank for volumes and quality of funding in light of the strong demand for our exclusive investment solutions” he said Gian Maria Mossa, CEO and General Manager of Banca Generali. “The first two months of the year are in line with the targets of overall collection for this year, with net flows exceeding 6 billion of which 40-60% invested in managed savings solutions and advanced consultancy service (AuI). The acceleration of these weeks makes us look to the results of the coming months with confidence and optimism."
The offer by the Banca del Leone was spread over all the product lines. Financial containers confirmed the growth trend (178 million in the month, 235 million since the beginning of the year) thanks to their tailor-made offer. Insurance products confirmed the recovery started in recent months with positive net inflows of 40 million in the month against outflows of 321 million in the corresponding month of last year. Finally, new flows into consultancy1 stood at 223 million (328 million since the beginning of the year), intercepting the strong demand for specialized professional advisory on portfolios under administration.
The overall result of managed and insurance savings of the Group at +243 million (+287 million since the beginning of the year), while the offer of tailor closes at -62 million (-112 million since the beginning of the year).
Flows in "Other Assets" amounted to 322 million in the month (546 million since the beginning of the year), with a reduction compared to the beginning of 2023 thanks to a relative reduction in administered accounts and a stabilization of deposits.
2023 preliminaries confirmed. Dividend proposed at 2,15 euros per share
In recent days, Banca Generali confirmed the preliminary data for the 2023 financial year, with a consolidated net profit of 326,1 million euros, compared to the 213 million euros of the previous financial year (+53,1%).
The Board of Directors has decided to present to the meeting, scheduled for April 18th on first call, the proposal to distribute dividends for 251,2 million euros, equal to € 2,15 per share (before legal withholdings) for each of the 116.851.637 shares issued and corresponding to a total pay-out of 77% of the consolidated profit for the 2023 financial year, equivalent to a pay-out of 77% of the recurring profit and 100% of the non-recurring profit. Furthermore, it will be proposed to bring the residual amount of 63,6 million euros to the reserve for retained earnings.
The distribution, if approved by the meeting, will take place as follows: 1,55 euros per share with ex-dividend date 20 May 2024, record date 21 May 2024, payment date 22 May 2024; 0,60 euro per share with ex-dividend date 17 February 2025, record date 18 February 2025, payment date 19 February 2025. At the closing price of the Banca Generali stock on 29 February 2024 of 34,16 euro per share, the dividend proposed configures a total return of 6,3%.
