In 2020, net profit amounted to 274.9 million euros (+1%), further improving the previous year’s excellent results, with growth across all the main items, fully in line with the thre- e-year plan targets, in terms of both business expansion and revenue diversification and sustainability.
Growth was mostly driven by the rise in total assets, which amounted to 74.5 billion euros with an 8% increase, attributable to a strong and high quality service model that — despite an unprecedented context due to the outbreak of the Covid-19 pandemic — effectively responded to the clients’ increased demand for financial and non-financial wealth advisory, particularly in the private banking segment.
Net inflows in 2020 were 5.9 billion euros, up 14.3% compared to the previous year, despite the lockdown and the social distancing measures adopted for most of the year. Net inflows were mainly concentrated on managed solutions (3.2 billion euros; +70.7%), including in parti- cular the Lux IM Sicavs, and on insurance and financial wrappers due to the high level of cu- stomisation they provide. Among managed products, in 2020 ESG managed solutions (funds and asset management) reported 1.1 billion euros net inflows, half of which in the last quarter of the year.
Assets under Advisory (BGPA) also grew by 27% to 6.0 billion euros (4.7 billion euros at the end of 2019), accounting for 8.1% of total assets.
With reference to capital, Banca Generali confirmed the soundness of its regulatory aggregates. CET 1 ratio reached 17.1% and Total Capital Ratio was 18.4%