The Board of Directors of Banca Generali, chaired by Giancarlo Fancel, approved the preliminary consolidated results at 31 December 2018.
Chief Executive Officer and General Manager Gian Maria Mossa stated: We are highly satisfied with this very solid result as the strength of all recurring items bears witness to the validity and sustainability of our business model. In a year of severe volatility, which had an impact on variable revenues, we succeeded not only in expanding our assets and customer base, but also in laying the groundwork for future growth, by signing two M&A deals and striking an important partnership with Saxo. We expanded our investment solution range making it more distinctive and competitive. We also launched numerous new cutting-edge projects and nearly doubled our assets under advisory, drawing increasing interest to our wealth management services and thus strengthening our relationships with entrepreneurs. Despite the prudent approach required by global economy and the uncertainties on the future geopolitical scenario, we continue to record a dynamic demand thanks to our quality and professionalism. This makes us confident in our ability to continue to grow and gain market share in the investment sector.
- Management fees: 634 million (+8%)
- Other recurring fees: 69 million (+18%)
- Net profit: 180 million (-12%)
- Recurring net profit1: 128 million (+48%)
- Operating expenses: 196.6 million (+4.6%)
- Adjusted operating expenses2: 189 million (+0.9%)
- Total assets: 57.5 billion (+3%)
- Pro-forma assets3: approximately 60 billion
- 2018 net inflows: 5.0 billion
- January 2019 net inflows: 430 million
- BoDs proposal for a DPS of 1.25
- CET1 ratio at 17.5%; Total Capital Ratio at 19.0%