Italy’s Banca Generali posts €35.5m Q1 net profits
Italy’s Banca Generali has posted its Q1 consolidated results, with net profit of €35.5 million (-9% compared to the same period of 2012) of which €16.1 million attributable to non-recurring revenues.
Total assets of the Banca Generali Group at the end of March were €6,747.4m. The decrease was partially due to the repayment of a captive liquidity deposit.
“Operating expenses reflected the careful management policy with a negligible increase of 1.3% compared to the same period of the previous year and amounting to €39.2 million (€38.5 million, +1.3% ex-GIL). The increase in costs was lower than the inflation rate for the period (in March 2013 CPI was 1.614%), although still including extraordinary expenses incurred for developing digital signatures on tablets,” the bank said.
Banca Generali’s CEO Piermario Motta (pictured) said: “It was a highly satisfactory start to the year in terms of profitability and inflows, and especially of the incisiveness and efficacy shown by the foundation of our business model: recurring revenues. The increase of these items by nearly one-third compared to last year is a reflection both of the value of our advisors, who have succeeded in guiding clients through the market’s complexities with great professionalism, and the competitiveness and quality of our range of products and services. The expertise demonstrated in managing portfolios at the most difficult moments of the crisis has not gone unobserved by the watchful eyes of investors, who are increasingly crediting us with that combination of reliability and pre-eminence that makes us confident in our company’s future.”