Q2 2024 Banca Generali SpA Earnings Call Transcript
Key Points
- Banca Generali (WBO:BGN) reported a strong first half with net profit reaching almost EUR240 million.
- Net interest income improved year-on-year, with a robust second quarter contributing EUR78 million.
- Total gross fees increased by 7.5%, driven by all major revenue components.
- The company saw a significant increase in assets under management, reaching EUR99 billion.
- Recruitment efforts were successful, with 94 new colleagues joining, including younger talent.
- Non-operating charges increased due to higher contributions for bank resolutions and insurance provisions.
- The cost of funding rose to 1.19%, with client costs averaging 0.88%, potentially impacting future profitability.
- The company faces competitive pressure in the market, particularly in the remuneration of deposits.
- There is a potential negative impact from Basel 4 regulations, which could affect the capital ratio by more than 100 basis points.
- The tax rate is expected to normalize to around 26-27%, up from the current below 25%.
Good afternoon. This is the chorus call conference operator. Welcome and thank you for joining the Banca Generali first half 2024 results. (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 first half results conference call. Numbers of the first half were very strong with new highs in terms of net profit, net recurring profits, and total assets of our clients, thanks to positive financial market as well as a very strong commercial activity. We are entering the last of our three-year business plan, and so we decided to do some fine-tuning -- positive fine-tuning to the target. But let's start with the net profit.
Page 4. We closed the first half with almost EUR240 million, thanks to a very solid recurring net profit despite some one-off, plus, variable net profit was supported by performance
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