Financial results

2020 9M result: increased revenues and capital solidity at the highest levels

Highlights

Results at 30.09.2020
€ 70.4 bn
Total assets
€ 195.8 M
Net profit
20.4%
CET1 ratio
21.7%
Total Capital Ratio

9M 2020 Financial Results

The Board of Administrators of Banca Generali approved 9M 2020 Financial Results.

Risultati finanziari

1H 2020 Financial Results

The Board of Administrators of Banca Generali approved 1H 2020 Financial Results.

1Q 2020 Financial Results

2019 Financial Results

The Board of Directors of Banca Generali, chaired by Giancarlo Fancel, approved the Annual Integrated Report 2019 containing the Consolidated Report on Operations, the Separate Report on Operations and the Non-Financial Statement, prepared in compliance with Legislative Decree No. 254/2016 (so called “integrated report”), the dividend proposal and the call of the General Shareholders’ Meeting to be held on 23 April 2020.

9M 2019 Financial Results

The Board of Administrators of Banca Generali approved 9M 2019 Financial Results.

1H 2019 Financial Results

The Board of Administrators of Banca Generali approved 1H 2019 Financial Results.

1Q 2019 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2019 Financial Results.

2018 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2018.

9M 2018 Results

The Board of Administrators of Banca Generali approved 9M 2018 Financial Results.

1H 2018 Results

Banca Generali presented the 1H 2018 Financial Results during a conference call held on the 26 July 2018 at 1:30 pm.

1Q 2018 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2018 Financial Results.

2017 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2017. Below are the annual results of Banca Generali in digital format: 2017 Annual Report.

9M 2017 Financial Results

The Board of Administrators of Banca Generali approved 9M 2017 Financial Results.

1H 2017 Financial Results

The Board of Administrators of Banca Generali approved 1H 2017 Financial Results.

1Q 2017 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2017 Financial Results.

2016 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2016. Below are the annual results of Banca Generali in digital format: 2016 Annual Report.

9M 2016 Financial Results

The Board of Administrators of Banca Generali approved 9M 2016 Financial Results.

1H 2016 Financial Results

The Board of Administrators of Banca Generali approved 1H 2016 Financial Results.

1Q 2016 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2016 Financial Results.

2015 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2015. Below are the annual results of Banca Generali in digital format: 2015 Annual Report

9M 2015 Financial Results

The Board of Administrators of Banca Generali approved 9M 2015 Financial Results.

1H 2015 Financial Results

The Board of Administrators of Banca Generali approved 1H 2015 Financial Results.

1Q 2015 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2015 Financial Results.

2014 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2014. 

9M 2014 Financial Results

The Board of Administrators of Banca Generali approved 9M 2014 Financial Results.

1H 2014 Financial Results

The Board of Administrators of Banca Generali approved 1H 2014 Financial Results.

1Q 2014 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2014 Financial Results.

2013 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2013.

9M 2013 Financial Results

The Board of Administrators of Banca Generali approved 9M 2013 Financial Results.

1H 2013 Financial Results

The Board of Administrators of Banca Generali approved 1H 2013 Financial Results.

1Q 2013 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2013 Financial Results.

2012 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2012.

9M 2012 Financial Results

The Board of Administrators of Banca Generali approved 9M 2012 Financial Results.

1H 2012 Financial Results

The Board of Administrators of Banca Generali approved 1H 2012 Financial Results.

1Q 2012 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2012 Financial Results.

2011 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2011.

9M 2011 Financial Results

The Board of Administrators of Banca Generali approved 9M 2011 Financial Results.

1H 2011 Financial Results

The Board of Administrators of Banca Generali approved 1H 2011 Financial Results.

1Q 2011 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2011 Financial Results.

2010 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2010.

9M 2010 Financial Results

The Board of Administrators of Banca Generali approved 9M 2010 Financial Results.

1H 2010 Financial Results

The Board of Administrators of Banca Generali approved 1H 2010 Financial Results.

1Q 2010 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2010 Financial Results.

2009 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2009.

9M 2009 Financial Results

The Board of Administrators of Banca Generali approved 9M 2009 Financial Results.

1H 2009 Financial Results

The Board of Administrators of Banca Generali approved 1H 2009 Financial Results.

1Q 2009 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2009 Financial Results.

2008 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2008.

9M 2008 Financial Results

The Board of Administrators of Banca Generali approved 9M 2008 Financial Results.

1H 2008 Financial Results

The Board of Administrators of Banca Generali approved 1H 2008 Financial Results.

1Q 2008 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2008 Financial Results.

2007 Financial Results

The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2007.

9M 2007 Financial Results

The Board of Administrators of Banca Generali approved 9M 2007 Financial Results.

1H 2007 Financial Results

The Board of Administrators of Banca Generali approved 1H 2007 Financial Results.

1Q 2007 Financial Results

The Board of Administrators of Banca Generali approved 1Q 2007 Financial Results.

Risultati 2006

Banca Generali ha presentato i risultati relativi al 2006 nella conference call che si è tenuta l'8 marzo 2007 alle ore 15:00.

Risultati 9M 2006

Banca Generali ha presentato i risultati relativi ai primi 9 mesi del 2006 nella conference call tenutasi il 6 novembre 2007.

Risultati 1H 2006

Banca Generali ha presentato i risultati relativi al primo semestre 200 nella conference call che si è tenuta il 28 luglio 2006 alle ore 15:00.

Risultati 1Q 2006

Banca Generali ha presentato i risultati relativi al primo trimestre 2006 nella conference call che si è tenuta l'8 maggio 2006 alle ore 15:00.

Debt

Banca Generali has no financial debts, since the bank has never recurred to loans, bonds or subordinated loans

Market Outlook

The third quarter of the year was characterised by a rally by the main stock exchanges following the containment of the spread of the pandemic, which enabled a resumption of economic activity within the major global economies. In September, the spectre of a second wave of Covid-19 transmission and the absence of a vaccine, which probably will not be forthcoming until next year, triggered a risk-off among investors, while still allowing the main equity indices to end the quarter in positive territory. The US market in particular, driven above all by technology stocks, outperformed the European market by approximately five percentage points.

The Federal Reserve published its estimates for US GDP (-3.7% in 2020, better than expected, and +4.0% in 2021) and lowered its unemployment forecast for 2020 to 7.6% in light of the US economic recovery in recent months. In the Eurozone, the decline in GDP was estimated at 8.1% in 2020, followed by estimated growth of +5.1% in 2021.

During the period, the expansionary fiscal and monetary policies implemented by governments and central banks at the global level continued to sustain stock market performance. The assets on the Federal Reserve’s balance sheet rose by nearly 3,000 billion dollars since the end of February (equivalent to 13.4% of US GDP in 2019), whereas in fiscal terms the US government set aside more aid than provided during the 2008 financial crisis. In addition, in order to provide a further stimulus to the economy recovery, during the annual symposium in Jackson Hole, Federal Reserve Chairman Jerome Powell announced a shift in monetary policy towards “average inflation targeting”. From now on, the 2% inflation target — measured by the change in the personal consumption expenditure price index — will be measured in terms of the average of inflation, accepting periods of inflation above the target (overshooting), offsetting periods in which, as at present, inflation remains low. Finally, the US central bank stated that in order to ensure that the financial markets continue to function properly and maintain expansionary financial conditions, rates will remain at the current level of 0-0.25% until at least the end of 2023, whereas securities purchases will continue at the current pace of 80 billion dollars a month (plus 40 going to mortgage-backed securities).

Europe also mounted a unitary response to the pandemic. On the fiscal policy front, European leaders approved an extraordinary plan (the “Recovery Fund”) amounting to 750 billion euros to save the countries most affected by the economic crisis caused by the coronavirus. Among them, Italy will receive 28% of aid, for a total of 209 billion euros, to be used to reconstruct the country’s social and economic fabric. The European approach calls for most of the aid to be put towards sustainability, with a particular focus on energy resource waste. Europe has set itself the goal of becoming the first carbon-neutral continent by 2050. Accordingly, economic aid will be allocated to promote increasing de-coupling of economic growth from resource use. The adoption of EU Energy System Integration and Hydrogen Strategies paves the way to a fully decarbonised and more efficient energy sector.

In terms of monetary policy, the European Central Bank announced that rates will remain unchanged at least until the economy reaches 2% inflation and is trending above this level. The ECB has much less room to manoeuvre than the Federal Reserve, in part because its mission relates solely to price stability, without an employment level target. Securities purchases will continue through the PEPP (Pandemic Emergency Purchase Programme) at the current level of 120 billion euros a month.

In the third quarter, the Eurostoxx 50 index moved laterally, punctuated by several periods of volatility, driven above all by the development of the pandemic situation, whereas the S&P 500 and emerging market index posted gains in euro of around 3-4 percentage points, buoyed in particular by the performance of technology stocks. Sectors such as technology and cyclical industrial sectors outperformed. The energy and banking sectors instead underperformed.

In view of the ongoing economic slowdown and the significant monetary stimulus implemented by central banks, German ten-year government bond yields remained near -0.50%, whereas US Treasury yields were essentially unchanged from their lows in recent years at 0.68%. Spreads between European Monetary Union countries narrowed. In particular, in September the BTP-Bund spread reached approximately 138 bps in September, due above all to the agreement on the use of the Recovery Fund, which will make Italy the main beneficiary. In the corporate bond market, due to the considerable need for funds by companies, issuance from June to August exceeded the average for the past ten years by 80%. During the period, credit spreads initially continued the gradual normalisation process that had begun in late March, followed by a slowdown in the final weeks of September due to uncertainty relating to the solidity of the economic recovery.

On currency markets, the dollar depreciated against the euro, with the euro-dollar exchange rate passing from 1.12 to 1.17 for the quarter under review. This currency movement may pose a problem for an export-oriented economy such as that of Europe, which exports approximately 46% of its GDP, compared to 12% for the United States. The euro also gained approximately 2% against the yen and 1% against the pound sterling.

During the third quarter of 2020, the general commodities index posted a robust recovery, following the severe downturns witnessed early in the year. The main supporting factor was the gradual recovery of global economic activity, driven by the easing of the lockdown measures that had been adopted to halt the spread of the pandemic. The rally extended across all sub-segments of the general commodities index, from the most cyclical segments such as energy and industrial to those less tied to the performance of the economic cycle, such as the agricultural and precious metals sectors. The precious metals sector was once again driven by gold, purchased as a safehaven asset by investors.

The main global investment firms expect that economic activity will recover gradually in the coming months. Despite the adoption of the Recovery Fund, the Eurozone will grow more slowly than the United States. Governments and central banks will continue to adopt expansionary monetary and fiscal policies in support of the economy. In the coming weeks, there will nonetheless be many sources of uncertainty at the global level. Attention will need to be focused in particular on the development of the pandemic, the possible discovery of a vaccine and the outcome of the US elections, which will mark a major turning point for market performance in the fourth quarter of the year.

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Our reports and relations about the financial results.