Banca Generali Spa (BGNMF) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, this is the Coruscall conference operator. Welcome and thank you for joining the Banca Generali first quarter 2025 results conference call. As a reminder, all participants are in this and only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Gianmaria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir. Good afternoon, and thank you for attending our first conference call on quarterly results. Let's say that, as usual, we will start with a comment on the results of the first quarter. And then we will give you a first update on the voluntary exchange offer we have received from Mediobank. So slide three, as usual, you can see an executive summary with the most important events of the first quarter. We closed the first quarter with very solid profit. The current net profit closed at 87 million euros. And also they reported the overall net profit was pretty strong at 110 million, thanks to a contribution of also the more volatile component of our P&L. From a commercial perspective, we closed the first quarter with almost 104 billion euro. strong increase of the total assets and the overall net inflows were solid with 1.5 billion of total net inflows with an improving mix and quality. Concerning the voluntary exchange offer, we have just appointed our legal international advisors Our Internal Risk and Control Committee is on the way to appoint dedicated and independent advisors. And I have just received a mandate from the Board of Directors to explore the industrial rationale and the implication of the offer. As I said...