Results 2014/2015 – Financial statements for three months ended 30/9/14 approved

Price sensitive

Revenues up 25%, to €525m, Net profit of €160m

Profit from banking activity three times higher at €107m

Comprehensive assessment exercise passed in full


  • The Mediobanca Group earned a net profit of €160m in the three months, driven by the strong upturn in banking activities, with the following results in particular:
    • Revenues up 25%, to €525m, driven by fee income (almost doubled, from €84m to €147m) and an upturn in trading income (up from €3m to €56m), with net interest income resilient at €267m
    • Cost/income ratio down from 40% to 35%, despite the 10% rise in costs due to business expansion (volumes and geographies)
    • Cost of risk down to 157 bps, from the high of 230 bps in FY 2013/14 (which included one-off adjustments in view of AQR)
    • Profit from banking activities three times higher, at €107m (30/9/13: €34m)
    • Net profit earned by the Group €160m (€171m); reduction due solely to lack of gains on disposals (30/9/13: €80m)
  • Corporate & Investment Banking recovering strongly
    • Revenues doubled to €219m, on fees of €112m (flat vs previous quarter’s high levels) and substantial trading profits (€51m)
    • Lendings up 3% for the quarter, to €12.8bn, cost of risk down to 43 bps
    • Net profit four times higher, at €84m (€17m)
  • Retail & Consumer Banking: ongoing positive trends confirmed
    • Consumer finance: revenues up 8%, cost of risk falling (385 bps)
    • Retail banking: ongoing remix and repricing of deposits; insurance products worth €280m placed in the three months
  • Capital solidity and low risk profile strengthened further:
    • CET1: 11% phased-in, 12.6% fully phased (not including profit for the period)
    • Leverage ratio (30/6/14): 8.8% phased-in, 9.85% fully phased
    • NPLs coverage ratio increased from 50% at end-June to 53%
  • Comprehensive assessment exercise passed comfortably
    • CET1-post-AQR: 8.4% (9.4% with AG weighted at 370%)
    • CET1-post-ST baseline scenario: 10.6%, excess capital €1,561m 
    • CET1-post-ST adverse scenario: 7.8%, excess capital €1,406m1
    • No further action necessary, on capital or loan coverage

*)    Includes capital measures and retained earnings for 9M 2014


Last update: 15/07/2016 - 12:05