Net profit to new highs driven by the strength and quality of growth, despite non-operating one-off charges
- Net profit: €274.9 million (+1%)
- Recurring net profit1: €158.8 (+7%)
- Q4 net profit: €79.1 million (+4%)
- Total revenues: €617.6 million (+7%)
- ‘Core’ operating expenses: €191.3 million (+3%)
New highs for total assets and net inflows
- Total assets: €74.5 billion (+8%)
- Assets under Advisory: €6.0 billion (+27%)
- 2020 net inflows: €5.9 billion (+14%)
- January 2021 net inflows: €393 million (-10%)
- Net inflows of managed and insurance products €201 million (+41%)
Dividend at €3.3 per share and pay-out at 70% on 2019-2020 cumulative net profit
- Payment of two dividends: 1) €2.7 per share from 15 October to 31 December 2021; 2) €0.6 per share from 15 January to 31 March 2022
Milan, 10 February 2021 – The Board of Directors of Banca Generali, chaired by Giancarlo Fancel, approved the preliminary consolidated results at 31 December 2020.
Chief Executive Officer and General Manager Gian Maria Mossa stated: “We are proud of the very solid result achieved, as it confirms our commitment and determination, for which I would like to thank all of our bankers and colleagues. In such a complex year, marked by the health emergency and the economic crisis, we were able to be even closer to our clients, and best protect wealth, as shown by the upward spikes in total assets, net inflows and assets under advanced advisory. Despite the one-off charges and the higher tax rate, we recorded the best year in the Bank’s history. We will submit to the Shareholders’ General Meeting a proposal for a significant dividend, thus confirming our business model based on sustainable growth and creation of shareholder value. We have entered the final year of our three-year plan, convinced that we can meet our pre-set targets, and in many cases even exceed them, thanks to our constant revenue growth and diversification and our strong operating leverage, with growing assets and solid cost control. Regardless of the pandemic-related uncertainties, the attention shown by many experienced professionals working in the private banking and wealth management sector and clients’ strong demand for advisory make us look to 2021 with optimism.”
