(Alliance News) - Banca Generali Spa reported Thursday that it closed the first quarter with a net profit of EUR122 million, up 47 percent from EUR83.1 million as of March 31, 2024.

Net interest and other banking income for the period was EUR256.6 million, up 33 percent from EUR193.2 million in 2023.

Net interest income was EUR79.4 million from EUR71.0 million in the first quarter of last year and up 12 percent.

Ebitda as of March 31 stood at EUR198.2 million, up 48 percent from EUR138.9 million.

In terms of business results, total assets amounted to EUR96.8 billion, up 13% from the first quarter of 2023, while net inflows for the quarter were EUR1.6 billion and net inflows since the beginning of the year were EUR2.3 billion.

Net inflows in April, on the other hand, were EUR644 million, up 35 percent year-on-year.

The CET1 ratio was 20%, while the Total Capital ratio stood at 21.2%, and the Bank's Leverage ratio stood at 5.7%, well above the regulatory minimum.

Finally, the bank's liquidity ratios remain high: LCR-Liquidity Coverage ratio at 343 percent from 335 percent in 2023 and NSFR-Net Stable Funding ratio at 205 percent from 214 percent in 2023.

In the note released by the company and looking ahead, it says Banca Generali is ready to seize the opportunities offered by the prospects of rate normalization and reiterates its target of net inflows for the year of more than six billion euros with a composition oriented 40-60% in Assets under Investment.

CEO and General Manager of Banca Generali, Gian Maria Mossa, commented, "A very strong result resulting from growth in all the main business areas, also confirmed by the excellent commercial results in April."

"We are intercepting the progressive recovery in the demand for advice and diversification thanks to the proximity of our bankers and the quality of our offer, which is constantly being updated, as shown by the rising numbers of investment solutions and the positive flows from our Lux IM sicav."

"The recent new organization of the network is creating new opportunities and facilitating the enhancement of skills, which also benefits recruitment policies that see us as a catalyst pole for talent. We have the targets of the three-year plan in our sights and are laying the foundations to open an important new cycle of growth on the strength of our privileged relationship with companies and entrepreneurs, as well as our commitment to data and the development of new commercial channels."

Banca Generali trades up 0.8 percent at EUR38.50 per share.

By Claudia Cavaliere, Alliance News reporter

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