Banca Generali results on the rise, driven by financial sustainability, operating efficiency and capital solidity
- Net profit: €255.1 million (+64%)
- Recurring net profit1: €249.9 million (+53%)
- Net interest income: €228.1 million (+160%)
- Recurring fee income: €716.8 million (+1%)
- ‘Core’ operating costs: €174.4 million (+6%)
Total assets reached a new all-time high
- Total assets: €88.8 billion (+10% YoY)
- Assets under Advanced Advisory: €8.9 billion (+30%)
- Nine-month net inflows: €4.3 billion (+7%)
- Net inflows at the end of October: €4.7 billion (+2%)
Excellent capital position and liquidity
- CET1 ratio at 17.3% and TCR at 18.5%
- LCR at 334% and NSFR at 215%
Milan, 13 November 2023 - The Board of Directors of Banca Generali approved the consolidated results at 30 September 2023.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “We are very satisfied with our results, which propel us towards a year of sustained growth despite the marked volatility and slowing economy. We are growing double-digit in terms of clients' wealth, thanks to the strength of our net inflows that reflect the excellent work of our Financial Advisors, who are increasingly appreciated for their value-added services, such as advisory and financial wrappers. We are starting to see the first signs of normalisation of clients' behaviour, with the first November results allowing us to look with confidence to the coming months. We are also accelerating our Company's transformational projects, with the license obtained in Switzerland, the transformation into a data-driven bank and the launch of our ‘Sustainable Advisors’. These projects, combined with our constant service and product innovation efforts, reinforce both our commercial proposition and our competitive advantage. Moreover, we are focused on achieving our three-year targets, with capital solidity, shareholder remuneration and sustainable growth of recurring profits underpinning our strategy.”
