Banca Generali nearly doubles profits in Q2

Italy’s asset manager Banca Generali reported today a strong Q2 performance.

Net profits nearly doubled during the period, increasing from €37.4m to €67.3m, marking an 80% increase.

“The result mirrors the positive contribution of all revenue items, combined with a tight cost discipline,” the bank said in a statement.

Net banking income rose by 41% to €177.1m, with a positive contribution of net interest income, commissions and even trading, although at a more limited extent as a percentage of total revenues.

Total assets of the Banca Generali Group reached €5,838.8m at the end of June,  an increase of 28.4% compared to the end of 2011.

“We are particularly satisfied with these results in absolute terms and even more so considering the economic and financial context in which we are moving. We believe that these results first of all reward our philosophy of placing customer service and satisfaction at the centre of our actions,” said Piermario Motta (pictured), chief executive at the bank.

Banca Generali is controlled by Italy’s biggest insurer Generali.

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