H1 result driven by business expansion and revenue diversification
- Net profit: €131.9 million (-1%)
- Recurring net profit1: €69.9 million (+2%)
- Total revenues: €302.2 million (+11%)
- ‘Core’ operating expenses2: €95.0 million (+3%)
Total assets up to pre-Covid-19 levels
- Total assets: €68.9 billion (+10%)
- Assets under Advisory: €5.1 billion (+26%)
- H1 2020 net inflows: €2.8 billion
Capital solidity confirmed
- CET1 ratio at 14.3% and TCR Ratio at 15.7%
- TCR at 20.7% on a pro-forma basis, following the
- ECB/Bank of Italy’s recommendations
Milan, 29 July 2020 – The Board of Directors of Banca Generali, chaired by Giancarlo Fancel, approved the consolidated results at 30 June 2020.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “We are very proud of the half-year result in terms of business growth and revenue quality, which confirmed the continuing trend towards asset diversification. During an extraordinarily difficult time of health and economic uncertainties, our bankers were able to demonstrate their expertise and their professional value, recording the best net inflows figures for the bank in terms of existing organisation. No less significant was the contribution by all our personnel, who ensured full operation at all times and continued the Bank’s strategic projects with dedication. Among the new initiatives, the range of ESG products and innovative solutions to connect private investors to the real economy is meeting with an increasingly positive response from customers, who recognise the value of our asset management solutions. Despite the complexity and uncertainties on the horizon, thanks to the bank’s flexibility and solidity, we are optimally placed to continue to outpace the growth of our market of reference.”
