Results 2012/2013 - Financial statements for period ended 31 March 2013 approved

Price sensitive

Mediobanca Board of Directors’ Meeting

Milan, 9 May 2013

Financial statements for period ended 31 March 2013 approved

Financial solidity and asset quality strengthened further

Net profit €37m


  • In a particularly weak operating scenario, the Mediobanca Group’s efforts have been chiefly directed towards further strengthening its financial structure:
    • core tier 1 ratio up to 12.0% (31/12/12: 11.8%; 31/3/12: 11.1%)
    • further improvement in loan coverage ratios: 70% for NPLs (31/3/12: 59%), 47% for bad debts (31/3/12: 37%)
    • completion of corporate loan deleveraging process (corporate loans down from €18.6bn to €15.8bn in the twelve months) and reduction in risk profile
    • optimization of funding and treasury management: €1.5bn MB bond buyback, €1.8bn in new issues, retail deposits up 6% Y.o.Y. to €12.2bn


  • The Group’s net profit for the nine months fell from €105m to €37m, mostly due to the loss reported by the Principal Investing (minus €212m, almost doubled Y.o.Y); the third quarter in particular reflects losses linked to Assicurazioni Generali’s relaunch and asset review plan, with this company’s contribution for the quarter minus €139m


  • As for banking activity, which was hampered by the economic slowdown and the trend in interest rates, efforts continued in the areas of diversifying revenues between corporate and retail, reducing costs and constantly monitoring asset quality. In particular:
    • revenues were down 14% Y.o.Y. to €1,245m: the stability of the retail segment (RPB revenues resilient at €736m), which accounts for 60% of the Group’s top line, offset the higher structural volatility of the corporate segment (CIB revenues were down 26% Y.oY. to €572m) which was penalized by the reduction in assets and declining returns
    • operating costs were down 6% Y.o.Y. to €562m, due to a 3% reduction in labour costs and an 8% decrease in administrative expenses
    • loan loss provisions were up 11% Y.o.Y. to €364m, following an increase in the coverage ratios on both the corporate and retail sides
    • recurrent profit before taxes from banking activities was down 39%, to €319m

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