General Bank closed the first nine months of 2013 with a Net income of 105,1 million euros, up 7,8% on an annual basis. This was communicated by the company, specifying that the intermediation margin rose by +7,1%, settling at 274,9 million. The interest margin contributed to revenues for 92,3 million, with an increase of 15%. Consolidated shareholders' equity rose to 414 million, against 345,1 million in the first 9 months of last year and 394,8 million at the end of 2012. Excess capital rose by 36% from the beginning of the year to 144 million .
“In the third quarter, not only profitability but also capital solidity increased – commented the managing director, Piermario Motta – as a result of an activity that constantly improves in collection and develops significantly with the engine of recurring activities and not with extraordinary finance”.
as to net collection, stood at two billion euro since the beginning of the year, of which 160 million in October. The net inflow component in managed products reached 2,27 billion in the same period (194 million last month). Assets under management and administered since the beginning of the year have risen by 7,7%, reaching a peak of 28,2 billion (+10%). Assets under management alone grew to 20,4 billion (+16%). The coming months are considered "very promising" by Banca Generali.
“During the period we have also strengthened the team – added Motta – with the inclusion of experienced professionals and highly skilled managers who will help us lead the bank towards even more ambitious goals. In this context, while acknowledging the variables of market uncertainty and volatility, we look with enthusiasm and determination to the last part of the year and to the challenges of 2014”.
At the beginning of the afternoon, Banca Generali's share on the Stock Exchange slightly edged its losses, traveling in the red by 1,6%, after having sold more than two percentage points.
