Mediobanca BoD Financial statements for 9m to 31/03/24 approved

EFFECTIVE START TO BP “ONE BRAND - ONE CULTURE”
REVENUES UP 9% IN 9M TO €2.6BN
NET PROFIT UP 20% TO ~€950M, EPS 9M TO €1.11,
ROTE 13%
INTERIM DIVIDEND OF €0.51 PER SHARE

9M RESULTS:
GROWTH AND HIGH SHAREHOLDER REMUNERATION
Group revenues up 9%  to €2.6bn, RWAs down 5% to €49bn
WM and INS growing, lower capital absorption in CIB, record new loans in CF
CoR reduced (to 50bps) with high asset quality
Net profit ~€950m (up 20% YoY), EPS 9M €1.11, ROTE 13%, CET1 15.2%
Shareholder remuneration: 5% yield by end-June (€0.6bn) including:
-    Interim dividend of €0.51 per share  (€0.4bn payable on 22 May 2024)
-    Share buyback of €0.2bn (17m shares bought and cancelled by end-June 2024)

3M RESULTS:
INDUSTRIAL TREND ENHANCED
Group revenues ~€900m (up 18% YoY, up 4% QoQ )
CoR declining (to 48 bps)
Net profit €335m (up 42% YoY, up 29% QoQ)

WM – Priority Group objective, distinctive positioning
Launch of MB Premier well received by clients (1,600 new top-end clients in 3M) and
bankers (42 new salespeople in 3M, with further additions due in coming months)
TFAs up €3bn to €97bn, with NNM of €1bn in AUM
Expansion of offering in Public/Private Markets
Double-digit growth at both top-line (total revenues of €690m in 9M FY 2023-24, up 12%1) and
bottom-line levels (net profit €153m, up 18%1)

CIB – Focus on growth in K-light activities
Fee income/IB activity strengthening (up 7% QoQ, to €91m)
Solid performance in domestic advisory, with growing international contribution
Selective new business with lending volumes stabilizing in 3M and excellent asset quality

CF – Growth through multichannel leadership and independent distribution
Volumes increasing (€2.2bn in new loans in 3M, of which BNPL >€150m)
NII growing (up 5% YoY, up 3% QoQ, to €266m) with high profitability
Net profit resilient (€292m in 9M), default rates stabilizing (CoR ~170 bps in 9M and 3M)

HF – Effective funding action
€3.6bn in bonds issued in 3M (€6bn in 9M) on advantageous terms
~80% of subordinated issues planned in BP23-26 already completed

Alberto Nagel, CEO of Mediobanca, said: “The Group has made a very positive start to the Strategic Plan, delivering excellent results in terms of value creation and capital efficiency. In the last three months we have received very positive feedback on Mediobanca Premier from both clients and bankers, we have seen Investment Banking business revitalized not least by our international activities, and have kept our solid path and value driven approach in Consumer Finance and Insurance. With net profit of approx. €950m in 9M and ROTE of over 13% the Group is positioned at sector-best levels, with all the main business lines well placed in the macroeconomic scenario and fully focused on implementing the new strategic initiatives included in the 2023-26 Strategic Plan “One Brand-One Culture”.