Preliminary Q4 2024 Banca Generali SpA Earnings Call Transcript
Key Points
- Banca Generali (FRA:B7A) achieved a record high in net profits, client assets, and the number of financial advisors in 2024.
- Total inflows exceeded EUR18 billion, despite challenges in the Swiss business and recruitment delays.
- The bank announced a dividend payout of EUR2.8 per share, reflecting a strong financial position.
- Recurring net profit saw impressive growth, reaching close to EUR340 million.
- Strong performance in net financial income, driven by stable net interest income and trading gains.
- There were delays in the Swiss business and difficulties in recruitment following the market correction in 2022.
- The overall cost increased by 6.2%, with core operating costs rising slightly higher than expected.
- Non-operating charges increased due to strategic initiatives and provisions for voluntary early retirement.
- The churn rate among financial advisors increased slightly, raising concerns about retention.
- The cost of growth remained stable despite better quality inflows, indicating potential inefficiencies.
Good afternoon, this is the Corusco conference operator. Welcome and thank you for joining the Banca Generali preliminary full year 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 welcome to our full year results conference call. Last year closed very strongly with a very new record high in terms of net profits, client assets and number of financial advisors and the commercial activity was very sound with December probably the best ever month for the bank. With last year we conclude also our three-year business plan as you can see at page 4 over delivered on the three major goals consistent growth, profitable growth and the remunerative growth.
Overall total inflows exceeded EUR18 billion despite some delay in our Swiss business and some difficulties in the recruitment after the
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