Results 2013/2014 - Financial statements for period ended 30 September 2013 approved

Price sensitive

Financial statements for three months ended 30/9/13 approved

In line with plan objectives

equity stake sales started, yielding gains of €80m

Net profit for the quarter up 57% Y.o.Y., to €171m


  • Implementation of 2014-16 Strategic Plan guidelines continued this quarter, as follows:
    • Telco: stake reduced from 11.6% to 7.3%, with gains of €59m
    • sale of other equity investments worth a total of €139m, yielding gains of €21m
    • strengthening of the capital structure
    • funding up over €3bn during the quarter, following €1.7bn in new bond issuance, and an increase in CheBanca! deposits (from €11.9bn to €13.6bn); including the covered bond (€750m issued in October), the annual funding programme is now largely complete
    • customer loans stable at €33bn; new business: €1.1bn1 Corporate, €1.3bn Retail & Consumer (up 12% Y.o.Y.2)
    • CT1 11.5%3 (30/6/13: 11.7%)
    • current market value of equity investments up from €4.3bn as at 30 June 2013 to €5.1bn, with unrealized gain of over €1bn
  • Group net profit totalled €171m for the three months (30/9/12: €109m), reflecting:
    • effective diversification of business activities:
    • higher contribution from Principal Investing (gross profit up from €20m to €141m), due to upturn in Assicurazioni Generali earnings (from €37m to €64m) and gains on disposals referred to above (€80m)
    • growth in Retail & Consumer Banking (revenues up 11% Y.o.Y. to €228m), driven by net interest income, up 4% Q.o.Q. and up 13% Y.o.Y., on resilient margins and higher business volumes
    • Corporate & Investment Banking revenues down 15% Q.o.Q., to €118m, due to absence of trading income and weak investment banking fees; net interest income resilient at last quarter’s level
    • constant cost control (down 3%, to €169m)
    • prudent risk management: coverage ratios stable at June 2013 levels (45% for bad debts and 66% for NPLs), with a cost of risk of 154 bps, higher than last year’s average of 145 bps but lower than the 170 bps for Q4
  • The Mediobanca shareholders’ agreement was renewed on 30 September 2013 for a further two years (expiring December 2015), with the number of shares syndicated down from 42% in June 2013 to 30.05%


1 Drawn and undrawn credit lines
2 Y.o.Y: Sept. 2013/Sept. 2012; Q.o.Q.: Sept. 2013/June 2013.
3 Quarterly capital ratios do not include profit for the period.


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