Banca Generali accelerates growth in Q1 2023
- Net profit: €83.1 million (+22%)
- Recurring net profit1: €77.0 million (+45%)
- Net interest income: €71.0 million (+215%)
- Net recurring fees: €113.3 million (-6%)
- ‘Core’ operating costs: €57.4 million (+6%)
Total assets hit a new all-time high
- Total assets: €85.9 billion (+2%)
- Assets under Advisory: €7.8 billion (+10%)
- Q1 2023 net inflows: €1.5 billion (+4%)
- YTD net inflows: €2.0 billion2 (+4%)
Top solidity and liquidity in the industry
- CET1 ratio at 16.0% and TCR at 17.1%
- LCR at 326% and NSFR at 224%
Milan, 11 May 2023 - The Board of Directors of Banca Generali approved the consolidated results at 31 March 2023.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “We are very satisfied with the result, which further confirms our ability to grow in any context. We have achieved a historic high in terms of client portfolios, with over 70% of them generating recurring fees. The demand for higher value-added investment services hit new record levels, with fee-based financial wrappers and advisory services exceeding €17 billion overall. Net inflows also rose in the first quarter, with a significant contribution by the Bank’s existing network, confirming our Financial Advisors’ quality and the growing advisory needs of high-standing clients. In a period marked by ongoing volatility and a complex interest rate scenario, we recorded the best quarter ever in terms of recurring net profit. Recurring fees proved rather resilient, also thanks to the value generated by AUC solutions, which reached a historic high in line with the monetary policy cycle. We look to the market economic and financial challenges for the coming months with caution, but we are confident we can continue to grow in line with the Plan’s targets on the strength of our unique positioning and of a service level that is increasingly recognised and appreciated by our clients.”
