Results 2014/2015 – Interim financial statements as at 31/12/14 approved

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Interim financial statements as at 31/12/14 approved

In line with Business Plan estimates,

MB Group is back to growth in all banking divisions

Loans up 4%, revenues up 16% to €1,014m

Operating profit up 58% to €321m


  • Mediobanca Group reported a net profit of €261m for the six months, driven by the strong recovery in banking activities:
    • Revenues up 16% to €1,014m, on growth in fees (up 36% to €260m), trading (up from €17m to €83m) and net interest income (up 2% to €548m), helped also by higher lending volumes (up 4% in the six months)
    • Operating profit:  up 58%, to €321m, driven by the recovery in banking activities (profit up three times to €198m, despite €40m in one-off LLPs taken in respect of Compass performing loans)
    • Net profit €260m (31/12/13: €305m), due to lower gains on equity investment disposals of €16m (€153m)
    • ROE up to 7%
  • Corporate & Investment Banking: strong rebound, with volumes, revenues and net profit all returning to growth; ROAC  9%
    • Loans and advances to customers up 6% for the six months, to €14bn, on 52% growth in new business Y.o.Y. to €3.2bn, with good diversification in terms of geographies and risk; funding and treasury optimization now complete
    • Revenues up 44%, to €392m driven by fee income, up 54% to €191m, and a positive performance in trading (up from €8m to €79m); net interest income stabilizing following negative impact of repayment of hybrid insurance loans last year
    • Operating profit more than four times higher at €171m
  • Retail & Consumer Banking: ROAC 10%
    • Consumer finance: continuing growth in lendings (up 10% Y.o.Y.) and net interest income (up 9%); asset quality progressively improving, ROAC up to 14%
    • Retail banking: total deposits stable at €13bn, with indirect deposits growing to €2.1bn (30/6/14: €1.5bn); loss down from €10m to €8m, in part due to lower cost of funding
    • Normalized operating profit up 34% to €70m
  • Principal Investing: disposal of stakes continuing
    • Contribution from Assicurazioni Generali down slightly, from €131m to €123m
    • After €840m of disposals in FY 2013-14 (yielding €240m in gains), sales worth €80m completed during the six months under review, yielding €15m; further disposals are expected during the second half
  • Solid capital ratios confirmed
    • CET1: 11% phased-in, 12.7% fully phased
    • Leverage ratio: 10.2% phased-in, 11.6% fully phased
    • NPLs stable vs 30 June 2014, as percentage of total loan book (3.8%) and in terms of coverage ratio (51%)

 * Net of cost of risk.
 **ROAC: normalized net profit/average allocated capital (8% of risk-weighted assets).


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