Banca Generali net profit more than doubles in Q3

MILAN Tue Nov 6, 2012 6:57am EST

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MILAN Nov 6 (Reuters) - Italian asset manager Banca Generali said on Tuesday its net profit in the third quarter more than doubled, boosted by cost control and higher revenues.

In a statement the asset manager said its net profit in the period rose 119.6 percent to 30.2 million euros, in line with a Thomson Reuters I/B/E/S consensus.

Banca Generali, majority controlled by Italy's biggest insurer Generali, took 200 million euros at the first auction of cheap, three-year funds issued by the European Central Bank in December and more than 1 billion in the second auction in February.

Assets under management at the end of September stood at 25.5 billion euros, up 10 percent on the year.

"We are confident that these trends will continue in the coming months," Banca Generali said.

(Reporting By Stephen Jewkes)

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