All-time high net profit driven by the recurring component
- Net profit: €326.1 million (+53%)
- Recurring net profit1: €320.3 million (+45%)
- Recurring fee income: €958.0 million (+2%)
- ‘Core’ operating costs: €246.8 million (+6%)
Highest-ever total assets
- Total assets: €92.8 billion (+12%)
- Assets under Advisory: €9.6 billion (+30%)
- 2023 net inflows: €5.9 billion (+3%)
- January 2024 net inflows: €323 million
Proposed dividend: €2.15 per share
- Dividend to be paid in May 2024 (€1.55) and February 2025 (€0.60)
- CET1 ratio at 17.8% and TCR at 19.0%
Milan, 8 February 2024 — The Board of Directors of Banca Generali approved the preliminary consolidated results at 31 December 2023.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “We are very satisfied with these results, which testify to our Bank’s strength and excellence and to our growing role as a point of reference for households and corporates as far as wealth management needs are concerned. 2023 was a challenging year, with investors bewildered by the negative effect of rises in investment interest rates, the inflation-related loss of purchasing power and the growing geopolitical uncertainties. In this context, we overperformed our 2022 net inflow result, recording the best year ever in our history in terms of net profit and total assets, while also strengthening our capital solidity and increasing shareholder remuneration. Our highly professional bankers and our comprehensive range of products and services proved to be distinctive elements in our business model, in a context of increasing demand for advanced advisory and bespoke solutions. In the first weeks of this year, we started to observe encouraging signs in terms of net inflow mix and recruitment of new Financial Advisors, and we are also convinced that the strategic projects we are rolling out — particularly those focusing on data and Switzerland — are differentiation levers that allow us to look to the Bank’s sustainable growth prospects with optimism.”
