Financial results

Chief Executive Officer and General Manager Alessandro Melzi d’Eril commented as follows:

"For the first six months we've reported record revenues and net profits, delivering a solid performance, which is expected to continue in the coming months as well, despite the high levels of uncertainty affecting the business and market environment. A strong commercial performance in terms of new loans by the Consumer Finance division, and an acceleration in fee income in 2Q (up 15% QoQ), in Corporate & Investment Banking activity in particular (up 31% QoQ), offset the stabilization phase affecting Wealth Management, which still reported TFAs of €117bn at the period-end.

The results confirm the discipline shown in this transition phase, and lay the foundations for proceeding effectively with the upcoming merger process with Banca MPS, on which we remain fully focused. In this process, I am more and more convinced that the solidity of our business model, our close relations with our customers, and our staff’s determination will contribute to generating value for all stakeholders, leveraging on our eighty-year history of serving the Italian economic system.”