Banca Generali Spa (BGNMF) Q3 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon. This is the Coral School conference operator. Welcome and thank you for joining the Banca Generali nine-month 2024 results conference call. As a reminder, all participants are in listen-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. Gian Maria Mossa, CEO and General Manager of Banca Generali. Please go ahead, sir. Good afternoon, and thank you for attending our nine-month results conference call. The first nine months of this year were the best of Banca Generali history in several aspects. We exceeded, for the first time ever, 100 billion euros of assets, The overall assets in our asset management in Luxembourg exceeded €22 billion. The financial advisors, so our financial advisory network increased by 4% and we continue to see acceleration in recruitment activity and net profit jumped at €338 million with also record level for the recurring components. Results are very strong, but probably I'm really more positive on the commercial side. October numbers are impressive for quality, and the overall results in the first 10 months are definitely better compared year on year. Last but not least, today I will take the opportunity to introduce the fundamental reason, the strategic reason of our tender offer to Intermonte. But let's start as usual to comment the numbers. So page 4, overall net profit for the third quarter close to 100 million with positive contribution of recurring net profits. And again, a good support from variable net profit. The recurring component is well supported by all the revenue components. Let's start from...