Banca Generali’s net profit up 37% in Q2
Italy’s Banca Generali achieved a record level of quarterly net profit at €49.6m in the second quarter of 2014, up 37% compared to the same period of 2013.
The positive result was obtained by rising assets under management and higher fees.As the bank said in a statement, net banking income rose by 33.8% to €124.7m, driven by net fees which increased by 21.5% to €70.7 million. Trading also contributed to this result.
Total net inflows in the first half rose 64% to €2.3bn, bringing assets under management to €32.3bn (+18%), the company said.
CEO Piermario Motta (pictured) commented: “The unprecedented levels reached in all the main line items testify to the value of our offer and the quality of our financial advisors who are committed to win the challenge of growing households’ savings in a context marked by strong rate pressures.
“Our commitment towards innovation and excellent solutions, and our determination to best welcome new colleagues allow us to look towards the coming months with enthusiasm and optimism.”