Mediobanca Board of Directors’ Meeting - Draft financial statements as at 30 June 2013 approved

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Board of Directors’ Meeting

Milan, 17 September 2013

Draft financial statements as at 30 June 2013 approved


All equity investments reclassified as AFS¹ , in line with three-year plan objectives

Core Tier 1 up to 11.7%

Deleveraging process complete; first signs of recovery


  • The 2012-13 financial year saw the start of implementation of the 2014-16 three-year plan, involving the following:
    • all equity investments transferred to AFS segment¹  and marked to market, leading to €404m in net writedowns; target to reduce the Group’s current €4bn equity exposure by a further €1.5bn over three years confirmed
    • deleveraging process completed; risk-weighted assets down 5%, to €52.4bn
    • capital structure strengthened further:
      • CoreTier 1 up to 11.7% (30/6/12: 11.5%)
      • funding and treasury optimization: buyback of MB bonds worth €2bn; new issuance of €3bn; retail deposits up 4% Y.o.Y., to €11.9bn


  • The Group posted a net loss of €180m for the twelve months, due to the over €400m loss made by the Principal Investing division, caused by the reduced contribution from Assicurazioni Generali (down from €146m to €17m) as well as the writedowns referred to above (€404m)


  • Results from banking activity were as follows:
    • core revenues fell 12% Y.o.Y., to €1,607m: the stability shown by the Retail & Consumer Banking division (where revenues were up 2%, to €870m) offset the higher volatility recorded in corporate business (WB revenues down 27% Y.o.Y., to €600m), the latter also affected by the deleveraging process and prudent treasury asset allocation. Net interest income reversed its negative trend in the fourth quarter, rising 8% for the three months
    • costs were down 4%, for the second year running
    • coverage ratios increased further, for bad debts (up 6 percentage points, to 45%) and NPLs (up 5 points, to 66%), after loan loss provisions rose 8% Y.o.Y. and 9% Q.o.Q. to reach €507m


  • Given the fact that the Group made a loss for the year, in accordance with the Bank of Italy’s recommendations and despite the strong capital ratios, no dividend will be distributed this year.

 (1) Available For Sale. The exception is the Group’s investments in Assicurazioni Generali and Burgo, which have been equity-accounted as in the past


Last update: 15/07/2016 - 11:31