Italy’s Banca Generali posts €71.6m net profit, mid-year report says

The Italian bank sees fourth consecutive profit increase at quarterly level, for a total of €36.1m(+28%).

Banca Generali’s board of directors, chaired by Paolo Vagnone,
has approved the consolidated results for the first half of 2013.

As the bank report shows, recurring profitability increased to 165 bps (+14
bps), while cost/income ratio were at a record low of 38.2%.

According to the report, Banca Generali’s total net inflows was at €1,412m (+35%); while net inflows of managed products at €1,587m (+147%).
Total assets amounted to €27.4 billion (+12%).

Banca Generali’s CEO, Piermario Motta (pictured), commented: “We’ve seen the best six months in the bank’s history, with a net profit level that until two years ago was only achieved over a period of twelve months.

“Even at times of high market volatility, we have succeeded to safeguard our customers’ portfolios, who increasingly recognise us as a benchmark in the asset management industry.

“Despite the economic uncertainties, we are confident about our prospects in the coming months and our ability to reach new milestones of excellence for the sector,” he concluded.

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