Q3 2024 Banca Generali SpA Earnings Call Transcript
Key Points
- Banca Generali (WBO:BGN) achieved a record-breaking net profit of EUR 338 million for the first nine months of 2024.
- The company exceeded EUR 100 billion in total assets for the first time, with assets under management in Luxembourg surpassing EUR 22 billion.
- Net interest income reached a new record, contributing significantly to the company's financial performance.
- The financial advisory network expanded by 4%, with continued acceleration in recruitment activities.
- The strategic acquisition of Intermonte is expected to be a game changer, enhancing capabilities in brokerage, structured products, and investment banking.
- The company faced increased net provisions for liabilities and contingencies, including EUR 12 million for actuarial provisions.
- Operating costs were impacted by non-core items, including costs for early retirement incentives.
- The cost of funding remained stable, but there was an increase in client deposits and exposure to bank deposits.
- The tax rate slightly increased to above 25%, influenced by the strong contribution of performance fees.
- Despite strong results, the company anticipates a reduction in net interest income margins in the coming quarters.
Good afternoon. This is the chorus call conference operator. Welcome and thank you for joining the Banca Generali nine month 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Gian Maria Mossa, CEO and General Manager of Banca Generali. Please go ahead sir.
Good afternoon and thank you for attending our nine month results conference call. The first nine months of this year were the best of banker general history. In several aspects we exceeded for the first time ever. 100 billion of assets. The overall assets in our asset management in Luxembourg exceeded eur EUR22 billion the financial advisor. So our financial advisory network increased by 4% and we continue to see acceleration in recruitment activity and net profit jumped at 338 million. EUR we've also record level for the recurring components.
Results are very strong but probably I really I'm more positive on the commercial
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