MILAN (ITALPRESS) – Banca Generali closed fiscal year 2024 with a consolidated net profit of 431.2 million, up 32.2 percent from the previous year. This marks a new all-time high in the bank’s development path and reflects success in achieving the ambitious goals of the 2022-2024 plan focused on growth, profitability and shareholder remuneration. Earnings growth benefited from the development of assets under management and administration on behalf of clients, which approached 104 billion at the end of the period (+11.9% y/y) and was accompanied by a further strengthening of capital strength, which was already above regulatory requirements. Net interest income rose to 317.1 million (+4.2% y/y) thanks to the expansion of volumes and profitability of interest-bearing assets against a continued focus on the cost of funding. Gross recurring fees increased 8.7% to 1,041.2 million, while operating expenses were 294 million, up +6.2% year-on-year. Provisions, contributions to banking funds and other adjustments of 117.3 million were booked in the year, compared with 67.6 million in the previous year. The tax rate for the period stood at 24.3 percent, down from 26.5 percent in 2023 mainly due to the higher incidence of the result realized from foreign jurisdictions and the higher variable fee component. As of December 31, 2024, Banca Generali’s CET1 ratio stood at 22% and Total Capital ratio (TCR) at 24.4%, the Bank’s Leverage ratio stood at 5.9%, almost double the regulatory minimum of 3%. Total assets under management and administration on behalf of clients increased to 103.8 billion (+11.9% y/y), a level that marks a new high in Banca Generali’s history. Total net inflows for 2024 were 6.6 billion, up 14% from the previous year. The data showed a gradual improvement in product composition over the period. The Board of Directors resolved to submit to the shareholders’ meeting a proposal to distribute dividends of 327.2 million, amounting to 2.80 euros per share (before withholding taxes) for each of the 116,851,637 shares issued and corresponding to a total pay-out of 76 percent of the consolidated profit for the year 2024. “The best financial statements in our history at the end of a three-year path that has been able to overcome multiple critical issues, hitting and exceeding all the targets we had set ourselves. Despite market volatility and delays in the Swiss project schedule, we were able to record double-digit growth in all major items, further confirming the quality and sustainability of our business model.” Thus Banca Generali CEO and managing director Gian Maria Mossa, commenting on the figures for fiscal year 2024. “The acceleration in higher value-added flows in investment solutions reflects the excellence of our offer and our bankers, with the network continuing to develop thanks to the appeal we exert in the insertions of experienced profiles and the paths dedicated to young talent,” he adds. “Innovation in products and planning, starting from the contribution of Ia in our operational processes to the potential offered by the operation on Intermonte, makes our approach to families, entrepreneurs and businesses even more distinctive and unique. On this paradigm we are laying the foundations for an ambitious new phase of development that will see us increasingly as a reference point as the first and true Ia private and investments bank. We look forward with great confidence and enthusiasm to the challenges of the future,” Mossa concludes.(ITALPRESS).-Photo: Banca Generali press office-
