Growth acceleration in Q1 2019: business expansion, revenue diversification and market recovery.
- Net profit at €66.6 million (+36%)
- Total revenues at €133.6 million (+17%)
- Operating expenses at €50 million (+7.5%)
Sharp growth of assets and net inflows
- Total assets at €61.1 billion (+8%)
- Pro-forma total assets1 at over €63.0 billion
- 1Q 2019 net inflows at €1.4 billion YTD
- April net inflows at €545 million
Solid capital ratios (including charges related to IFRS 16 first-time adoption)
- IFRS 16: one-off impact of 87 bps on TCR
- CET1 ratio at 16.6% and TCR ratio at 18%
Milan, 8 May 2019 – The Board of Directors of Banca Generali, chaired by Giancarlo Fancel, approved the consolidated results at 31 March 2019.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “We are very satisfied with our growth in these first three months of the year, not only for our strong business expansion, which is leading our assets to hit a new record, with very positive signs from net inflows and the acquisition of new clients, but above all in terms of the quality of these numbers, which reflect increasing revenue diversification. We are reaping the benefits of the hard work carried out in recent months, when we laid the foundation for a new model of sustainable growth with a focus on quality and maximum transparency in the financial advisor-client relationship, for which we are being rewarded, as also shown by the existing network’s contribution to net inflows, the response to advanced advisory service and the new diversification solutions, in addition to the new sub-funds of the LUX IM Sicav. We have a series of very interesting new developments in the pipeline in terms of both managed solution and digital dialogue with households, as in the case of the recent launch of an innovative new mobile banking app. In light of the above, we are looking at Bank’s prospects for the coming months with great confidence and optimism.”