Solid growth of recurring profit in a highly volatile context
- Net profit: €155.4 million (-43%)
- Recurring net profit1: €163.5 million (+24%)
- Total revenues: €469.7 million (-23%)
- Net recurring fees: €343.4 million (+5%)
- 'Core' operating costs2: €164.6 million (+6%)
Resilient total assets and net inflows
- Total assets: €80.4 billion (-2%)
- Assets under Advisory: €6.8 billion (-2%)
- Nine-month net inflows: €4.1 billion (-26%)
- October net inflows: €506 million (-10%)
Solid capital position
- CET1 ratio at 15.7% and TCR at 16.8% based on an implied dividend pay-out of 79%
Milan, 4 November 2022 - The Board of Directors of Banca Generali today approved the consolidated results at 30 September 2022.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “Despite the exceptional market volatility and political and economic uncertainties, in the third quarter our commercial results continued to grow and our financial results — net of one-off, highly procyclical components — remained solid. In detail, our resilient margins testify to the quality of our core business, with highly diversified portfolios and bankers who are able to remain close to our customers, even at most difficult times. In these months, we have worked to develop a dedicated offer in line with this new scenario, and the results obtained in the last weeks of October, after the launch of new managed solutions, have confirmed the quality of our network, as reflected by the significant daily net inflows. The determination of our professionals, the Bank’s management efficiency and flexibility, and the ongoing medium-term strategic initiatives envisaged by the Plan allow us to look with confidence to the final months of 2022 and to the prospects of our ambitious three-year Plan.”
