Generalfinance increases dividend; profit up 38 percent

(Alliance News) - Generalfinance Spa reported that it ended 2023 with profit up 38 percent to EUR15.1 million from EUR10.9 million as of Dec. 31, 2022.

Net interest income in 2023 stood at EUR9.0 million from EUR7.3 million in the previous year.

Net interest and other banking income is EUR36.2 million from EUR30.9 million as of December 31, 2022.

ROE increases to 29 percent from 24 percent in 2022.

Shareholders' equity as of Dec. 31 stands at EUR66.4 million from EUR56.8 million as of Dec. 31, 2022.

Generalfinance's capital ratios are a CET1 ration at 13.6 percent CET1 ratio; a 13.6 percent for TIER1 ratio; and finally at 15.5 percent Total Capital ratio.

Looking to the future, "The positive business momentum seen in 2023 and the favorable business environment for Generalfinance's business allows us to look optimistically at the company's financial performance in 2024. Generalfinance expects results to grow further than those achieved in 2023 and in line with the objectives defined in the plan

strategic plan."

The board of directors is proposing a cash dividend of EUR0.59 per share from that at EUR0.43 related to 2022.

Massimo Gianolli, CEO of Generalfinance, commented, "2023 was a very important confirmation year. The first financial year after listing saw us replicate strong growth in commercial, equity and earnings aggregates, in line with the targets communicated to the market. From a commercial point of view, during the year we recorded strong growth in the flow of disbursements, amounting to more than EUR2.2 billion, up 29 percent over 2022, with net income growing by 38 percent; this confirms the steady growth trend, in a context characterized by a shortage of liquidity for distressed or low-rated companies-our target customers-that have limited access to bank credit."

"We have become a relevant player in the distressed enterprise financing market, with a credibility and track record further consolidated in the fiscal year. The credit for these results goes to the entire team and aglistakeholders of Generalfinance, whom I sincerely thank."

On Friday, Generalfinance closed flat at EUR9.95 per share.

By Claudia Cavaliere, Alliance News reporter

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