Double-digit growth in net profit thanks to the increase in total assets and revenues, and to tight cost discipline
- Net profit: €122.0 million (+47%)
- Recurring net profit: €82.0 million (+6%)
- Net recurring fees: €118.3 million (+4%)
- 'Core' operating costs: €61.0 million (+6%)
New all-time high in total assets
- Total assets: €96.8 billion (+13%)
- Assets under Advanced Advisory: €10.1 billion (+28%)
- Q1 2024 net inflows: €1.6 billion (+8%)
- YTD net inflows: €2.3 billion3 (+15%)
Further growth in capital solidity and liquidity
- CET1 ratio at 20.0% and TCR at 21.2%
- LCR at 343% and NSFR at 205%
Milan, 9 May 2024 - The Board of Directors of Banca Generali approved the consolidated results at 31 March 2024.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “This very strong result reflects our growth in all the main business areas, as also confirmed by our excellent commercial results in April. We are tapping into the gradually recovering demand for advisory and diversification thanks to our bankers' close relations with our clients and to the quality of our constantly updated products and services. This is also confirmed by the rising numbers of our investment solutions and by the net inflows from our Lux IM Sicav. The recent new organisation of our Financial Advisor Network is creating new opportunities and facilitating competence enhancement. This also benefits our recruiting policies, where we stand out as talent catalyst. We are in the right direction to achieve our three-year Plan targets and we are laying the foundations for a new major growth cycle, leveraging on our preferential relationship with businesses and entrepreneurs, in addition to being data-oriented and committed to developing new commercial channels.”
