(Finance) – Generalfinancea company listed on Euronext STAR Milan and financial intermediary specialized in factoring for distressed SMEs, has closed the first nine months of 2024 with a net profit of 13.6 million euros, compared to 10.7 million euros recorded in the same period of 2023 (+27%).
The interest margin stands at 8 million euros, an increase (+35%) compared to the same period of the previous year, thanks to the growth in loans disbursed and the positive effect – compared to the previous year – generated by the full realignment of lending rates factoring contracts with respect to the evolution of Euribor rates. The net commissions are equal to 25 million euros, up compared to 19.6 million euros in the first nine months of 2023 (+27%).
Flow of credits disbursed to 1,628 million euros (+10% y/y). Turnover to 2,098 million euros (+18%).
“The third quarter of 2024 showed a particularly favorable trend, above forecasts – commented theCEO Massimo Gianolli – We are recording an excellent commercial performance with business growth of 18% and overall profitability significantly increasing compared to the previous year. The return on invested capital remains high, equal to 31%, just as the cost/income ratio of 34% attests to high operational efficiency. We are constantly committed to supporting customers with personalized financial solutions in a phase of the economic cycle in which it is particularly important to quickly provide responses and specialized assistance to businesses and we expect an acceleration of our economic and commercial performance in the final part of the year” .
The cost/income ratio is equal to 34% compared to 38% in the same period of 2023. The ROE is equal to 31%, a value significantly higher than the cost of capital. Gross NPE ratio at 1.5% e cost of risk at 8 basis points.