Net profit amounted to €108.1 million for H1 2017, up 61% compared to the same period of the previous year. The result was driven by the sharp growth of revenues (+34%), which reflected the significant business expansion (total assets: €52.1 billion +20%; net inflows: €3.8 billion +31%). P&L improvements were accompanied by a further strengthening of capital ratios, which confirm both development sustainability and management effectiveness.
In further detail, net banking income was €270.2 (+33.8%) thanks to the contribution of all revenue components (except for trading of the Banks proprietary portfolio which reflects a prudent exposure to Italian and European government securities).
Total balance sheet assets of the Banca Generali Group at 30 June 2017 rose by 16.5% YOY to €8,874 million (+6% YTD). Consolidated net equity further improved to €626 million (+13% compared to H1 2016).
Capital ratios further strengthened on the previous excellent figures: on a phased-in basis, CET 1 ratio stood at 17.0% (+30 bps YTD) and Total Capital ratio at 18.7% (+30 bps YTD).
Net inflows for H1 2017 totalled €3,820 million, up 31% compared to the same period of the previous year, setting a new record for the period.
Net inflows were mainly generated by asset management and insurance products which amounted to €3,437 million, accounting for 90% of the total. The new wrappers of products - especially BG Solution and the multi-line policy BG Stile Libero - continued to be much in
demand (€2,806 million YTD), trebling their net inflows compared to the same period of 2016.
Managed assets and assets under administration at 30 June 2017 rose by 20% YOY reaching €52.1 billion (up 10% YTD). The managed products component rose to €40,1 billion at the end of June, accounting for 77% of the total, up 21% YOY and 11% YTD. Wrapper solutions totalled €10.6 billion at the end of June (20% of the total).
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