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Banca Generali Q1 Net Income Surges

Banca Generali, an Italy-based banking group, has posted a net income of EUR18.8m for the first quarter ended March 31, 2010, compared to EUR5m for the first quarter of 2009.

Net banking income for the first quarter of 2010 increased 28.8% to EUR71.5m from EUR55.5 in the corresponding quarter of 2009.

Net interest income for the first quarter of 2010 was EUR10.9m compared to EUR16.3m in first quarter of 2009, a decline of 32.9%. EBITDA in the first quarter of 2010 increased 66.7% to EUR36.3m from EUR21.8m in same period of 2009.

Giorgio Girelli, CEO of Banca Generali, said: “This first quarter was very satisfactory for Banca Generali in regards to both growth and profitability. In particular, we are satisfied with the increase of the recurring share of profitability, which represents the more sustainable component

in the medium-long term, and with the trend of most important part of net inflows, that is net inflows in managed assets. This is further proof of the Bank’s strength and of its ability to grow.”