Italian private bank revises 2024 guidance upward as higher borrowing costs boost margin outlook.
Banca Generali raised its net interest income target for 2024, citing expectations of an imminent European Central Bank rate hike. The bank now projects stronger margins amid elevated borrowing costs across the eurozone.
The revised forecast follows a first-half performance where net interest income rose 12% year-on-year. Analysts had anticipated a more modest increase, with consensus estimates hovering near 8% growth for the full year.
Shares of Banca Generali edged 0.7% higher in early Milan trading, outperforming the broader FTSE MIB index.