Banca Generali closed 2015 with revenues of 465,9 million euro, an increase of 11% compared to the 2014 accounts, with a prevalent contribution of revenues from recurring commissions. The operating result grew by 14,6% to 290,3 million, with an operating margin of 62,3%. Net profit thus rose by 27% to 203,6 million, reaching a new peak in the bank's history. The result also includes the extraordinary charges related to participation in the new bank crisis resolution fund (BRRD) and the Interbank Deposit Protection Fund (FITD) for a total of €8,7 million expensed last December.
The results achieved by net inflows should be underlined, which in January reached 530 million, with a growth of over 30% compared to the same month last year; assets under administration marked an increase of 127% to 417 million.
Speaking of commercial numbers, assets at the end of 2015 amounted to 41,6 billion euros, up by €15,4 billion in the three-year period 2012-15, while the market share increased from 10,2% in 2012 to 12,1 .XNUMX% in the three years .
Gross commissions reached €652 million (+35%), of which €459,1 million (+28%) from management fees while net commissions rose by 44% to 370,8 billion, a result which holds account of the progress in net inflows (€4,64 billion, +35%) and the 126 new hires (+24%) of financial advisors.
Net interest income amounted to €66,2 million (from €107,0 million), operating costs amounted to €166,9 million, net of the extraordinary item of €8,7 million paid to the fund resolution of bank crises (BRRD) and the Interbank Deposit Protection Fund (FITD) in December. Without this extraordinary charge, operating costs are stable compared to last year (+0,7%) and significantly lower than the development of revenues in the period (+11%).
Consolidated shareholders' equity at the end of 2015 increased to €636,8 million (+18,7% compared to €536,3 million at the end of 2014). The assets assume a distribution of a dividend per share of €1,20 (+22% compared to 2014) with an implicit gross yield of 5,8% at the closing prices of 9 February.
The Chief Executive Officer of Banca Generali, Piermario Motta, commented: “We are truly proud of an exceptional result in all the main economic and equity indicators, thus best revealing the great work, passion and dedication that make Banca Generali an excellence in the financial segment in Italy. In a time of complexity and pressure on the markets and around credit, our strategy oriented towards prudence and solidity, with great transparency in the quality of the balance sheet and in the approach to customers, is attracting the attention of families who need qualified advice and versatility of solutions.”
The acceleration of the last few months – continued the CEO – is not an isolated case but is the result of a process which in four years has almost tripled profits and doubled assets, continuing to bring us closer to professionals of extraordinary value. We remain vigilant in the face of the complex challenges of the markets, which have become more pronounced at the start of 2016, but the ability to innovate, great skills and a wealth of experience even in difficult situations, represent a mix of elements that make us extremely optimistic about the future of the bank.
The Generali bank accounts have been enthusiastically received by the market. On Piazza Affari, the stock soared by +6,4% to 21,85 euros.
