DIRS.INFO The most relevant business & tech news

☆ Italy's Banca Generali lifts NII target after Q3 profit beat
▼ + stars: | 2023-11-13 | by ( ) www.reuters.com time to read: +1 min

Nov 13 (Reuters) - Italian asset manager Banca Generali (BGN.MI) raised its annual net interest income (NII) forecast on Monday after its third-quarter profit jumped nearly 35%, excluding one-off expenses. The group, controlled by Italy's top insurer Generali (GASI.MI), sees NII of around 300 million euros ($320 million) in 2023, up from a previous guidance of 250-280 million, CEO Gian Maria Mossa said in a post-earnings call with analysts. The bank reported a net profit of 80.1 million euros in the three months through September, beating a company-provided consensus estimate of 78.9 million, driven by a strong increase in NII and higher net recurring fees. Quarterly NII came in at 76.6 million euros, up from 36 million in the same period last year, while recurring fees rose by 2.1% to 114.4 million euros over the same period. The group also said it would set aside 26.6 million euros as non-distributable reserves in lieu of paying the windfall tax on net interest income introduced by the Italian government.

Persons: Gian Maria Mossa, NII, Federica, Milla Nissi Organizations: Banca Generali, Thomson Locations: Italian

☆ Larger Italian banks still seen paying one-off tax despite opt-out offer
▼ + stars: | 2023-09-25 | by ( Valentina Za | ) www.reuters.com time to read: +2 min

The government sparked a market rout last month with the surprise announcement of a 40% tax on the profits banks are reaping from rising interest rates. The option would benefit banks that hold a higher proportion of Italian government bonds among their assets relative to loans. Banca Akros and broker Equita also expect most banks to pay the tax. Equita also said paying the levy would allow lenders to maintain more flexibility over their remuneration policy. Switching the tax basis to risk-weighted assets helps banks which have a lower 'risk density', meaning the average risk weight per unit of exposure.

Persons: Jennifer Lorenzini, Equita, Akros, Siena, Valentina Za, Kirsten Donovan Organizations: REUTERS, Generale, Banca Akros, ICCREA, Bank, Banca Generali, Thomson Locations: Monte dei, Siena, Italy, Italy's

☆ Generali sticks to 2024 targets, generates $1 bln per year for M&A
▼ + stars: | 2022-11-10 | by ( Gianluca Semeraro | ) www.reuters.com time to read: +2 min

In September, sources had said Generali was exploring several potential U.S. acquisition targets in the asset management business, including investment firm Guggenheim Partners. For a deal of this size, Generali may need to divest its private bank Banca Generali (BGN.MI), sources had said at that time. In a post-results call with journalists, Chief Financial Officer Cristiano Borean declined to comment on rumours of an acquisition in the U.S. but said Generali was "a happy investor" in Banca Generali. Nine-month net profit came in at 2.23 billion euros ($2.24 billion), down 0.8% from a year ago, due to impairments of 141 million euros on Russian investments. The profit was above an analyst consensus provided by the company of 2.05 billion euros.

☆ Mediobanca open to talks on Banca Generali buyout if asked
▼ + stars: | 2022-10-27 | by ( ) www.reuters.com time to read: +2 min

Last month a source said insurer Generali (GASI.MI) could sell Banca Generali (BGN.MI) to Mediobanca to raise cash for a potential big deal of its own in the United States. If we are contacted, we are willing to talk about it," Nagel told a briefing call when asked about a possible interest in Banca Generali. "This applies to every asset," he added, not only to Banca Generali. To grow Mediobanca's wealth management operations, Nagel in 2020 considered swapping the group's 13% stake in Generali with Banca Generali. Net income in the quarter came in at 263 million euros ($264.2 million), above an analyst consensus provided by the bank of 230 million euros.

Search resuls for: "Banca Generali"

4 mentions found