(Telestock) – Generalfinancea company listed on Euronext STAR Milan and a financial intermediary specializing in factoring for distressed SMEs, has closed the first semester of 2024 with a Net income equal to 8 million euros, up 19% compared to the same period in 2023. The interest margin stands at 5 million euros, increasing (+28.5%). The net commissions are equal to 16 million euros, up from 12.5 million euros in the first six months of 2023 (+28%). The intermediation margin amounts to 21 million euros (+28%), while net value adjustments on loans amount to 1.4 million euros, determining a cost of risk equal to 13 basis points.
THE net credits to customers stand at 432.7 million euros, down 6% compared to 31 December 2023. Within the credit aggregate, the total gross impaired loans amount to 7.6 million euros, with a Gross NPE ratio equal to 1.75% (1.45% net NPE ratio). The coverage of impaired loans stands at 18%.
“The first half of 2024 showed a trend substantially in line with forecasts – commented theCEO Massimo Gianolli – We are recording an excellent commercial performance with a 20% business growth and a significant increase in overall profitability compared to the previous year. The return on invested capital remains high, equal to 27%, as well as the cost/income ratio at 35% attesting to high operating efficiency. We are constantly committed to supporting customers with customized financial solutions in a phase of the economic cycle in which it is particularly important to quickly provide answers and specialized assistance to companies and We expect our progress to accelerate economic and commercial in the second part of the year”.
Generalfinance expects business performance and related net profitability for the full year 2024 to be in line with the guidance communicated to the market (20 million euros) and in line with the budget.