Increased revenues and net profit stable at previous year’s levels despite higher non-operating one-off charges
- Net profit: €195.8 million (unchanged YoY)
- Recurring net profit1: €116.1 million (+7%)
- Total revenues: €447.4 million (+10%)
- ‘Core’ operating expenses: €136.9 million (+2%)
Total assets and net inflows grew
- Total assets: €70.4 billion (+7%)
- Assets under Advisory: €5.4 billion (+22%)
- Nine months Net inflows: €4.1 billion (+8%)
- October net inflows: €613 million
Capital solidity at the highest levels
- CET1 ratio at 20.4% and TCR at 21.7% in line with the ECB/Bank of Italy’s recommendations on dividends
Milan, 5 November 2020 – The Board of Directors of Banca Generali, chaired by Giancarlo Fancel, approved the consolidated results at 30 September 2020.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “Growth and quality are the drivers of these results of which we are very proud, in which total assets, investments in managed and insurance solutions and assets under advanced advisory have grown in a relevant way also thanks to an acceleration of inflows compared to the previous year. All the main revenue components improved sharply and costs are under control. This year as never before, the strong commitment and high quality of our bankers and the important work done by all head office personnel have reinforced our image in the eyes of our customers, conveying closeness and professionalism. Concerns regarding the course of the pandemic fill the outlook for the coming months with uncertainty, yet our considerable operating efficiency, innovation in managed solutions and households’ continued positive response give us confidence in the final part of the year, in which we aim to continue to grow sustainability, outperforming our reference market.”
