Banca Generali closes the best half year in its history. Net income for the half-year amounted to 71,6 million euro, up 6,3% after experiencing a leap of 2012% in the first half of 80. Profits benefited from an expansion of recurring items up 19%, which thus amounted to 84% of total revenues against 76% in the first half of 2012. The progress of recurring revenues, underlines Banca Generali, it "largely counterbalanced the fluctuating and volatile trend of the components linked to the dynamics of the financial markets (performance fees and trading profits) which had instead reached an all-time high just last year". Overall, the intermediation margin settled at 192,9 million, +8,9% (188,8 million adjusted without Gil). The data for the second quarter alone also grew: profits rose by 27,9% to 36,1 million, an improvement for the fourth consecutive quarter, the intermediation margin increased by 25,8% to 95,6 million and margins are also progressing with Ebitda rising by 38,3% to 60,2 million (margins of 63% from 57% last year).
On the Stock Exchange, the stock reacts with an increase of 0,33%, reaching the all-time high of 18,46 euros per share after +40% since the beginning of the year. "The best six-month period in the bank's history, for a net result that up until two years ago was achieved only over 12 months, demonstrates the solidity of our business model and the quality of our financial advisory services", commented the Director Delegate Piermario Motta.
In detail, going back to the half-year results, the interest margin rose by 24% to 63,6 million driven by the growth in ordinary assets. The securities portfolio remains defensive and prudent, 99% invested in bonds with a maturity of 1,9 and a duration of 1,5. Banca Generali points out that the result was contributed by the contribution of the Ltro "although this contribution is progressively decreasing after the return to the ECB of the tranche that expired last October (300 million) and the early repayment at the beginning of June of the tranche of 200 million euros, the expiry of which was scheduled for December 2014”.
Gross commissions rose by 12% to 217,1 million euro thanks to the increase in deposits in asset management products. In the first half of the year, net inflows were 1.412 million, up 35%, with average monthly inflows of 235 million, almost double what was achieved each month in the previous year. In particular, net inflows of €1.587 million were achieved on asset management products, +147% over the same period of 2012. Assets under management/administered totaled €27,4 billion (+12% over the same period of 2012 , +5% since the beginning of the year).
The capital ratios improved by two percentage points: the Tier 1 Capital ratio goes to 13,8% and the Total Capital ratio to 15%. Excess capital increases by 34% year-to-date to 141,3 million. "July too - Banca Generali finally pointed out - is confirming the excellent response of savers to the solutions of the bank and its consultants".
