Stable cost/income despite material investments in recent years to empower all core businesses    Net bad loans (sofferenze)/ net loans ratio: MB just  1/6 of Italian Banks1
High single-digit normalized profitability   Solid capital ratios without K increases (last one in 1998) and with €3bn returned to shareholders3
1) Source: Banca d’Italia, “Relazione Annuale”, various years
2) Profit/losses from AFS disposals, impairments and positive one-off items excluded
3) Cash dividends and buy back since 2005 (including FY2016 dividend)