By Helena Smolak
Banca Generali reported an increase in aftertax profit and net interest income for the third quarter, buoyed by high interest rates.
The Italian bank said Monday that aftertax profit jumped to 80.05 million euros ($85.5 million) in the third quarter, up from EUR24.08 million a year prior.
Net interest income, what banks make on loans minus what they pay depositors, climbed to EUR76.63 million from EUR35.99 million.
Assets under management increased to EUR88.8 billion at the end of September from EUR83.1 billion at the end of last year, the lender said.
The bank attributed its third-quarter performance to a push from central banks toward higher interest rates in a move to bring inflation under control.
The company’s full-year guidance remains unchanged, it said.
Write to Helena Smolak at [email protected]
Read the full article here
