General Bank closed on 2019 with a net profit amounting to 272,1 million euros, up 51% on the previous year. It's about the best result in the history of the company. In the fourth quarter alone, profits were 76,1 million (+72%).
I revenues instead they reached 578 million (+28,6%), while i operating costs stood at 221,2 million (+12,5%) e recurring net income to 150 million (+12,7%).
Il intermediation margin increased by 29%, to 578 million, and the financial margin it stood at 88,2 million, up 4,9%, with an interest margin of 74 million (+23,4%). The gross commissions they rose by 18,8%, to 881 million.
Il dividend it is set at 1,85 euros per share with a payout of 79%, "in the high range of the guidance", underlines the bank's note. The payment will take place in two stages: €1,55 per share in May 2020 and €0,30 per share in January 2021.
As for the net collection, in January was positive for 438 million, a result lower than the 614 million of December 2019, but slightly higher than the 430 million of the previous January.
“It was the best year in our history – he comments Gian Maria Mossa, Chief Executive Officer and General Manager of Banca Generali – with results that highlight significant improvements in all items of the income statement and balance sheet. Despite the market tensions at the end of 2018, we increased assets by over 11 billion, further strengthening our brand and positioning in Italian private banking where we are among the leading operators. In the light of these results, we look with growing optimism at the progress of our three-year plan and at the challenges for 2020".
On the side patrimonial, the CET1 ratio stood at 14,6% and the Total Capital ratio (TCR) at 16,1%.
Early afternoon Banca Generali's share on the Stock Exchange gains 1,9%, to 30,94 euros.
