BoD Mediobanca - Financial statements for period ended 31/3/23 approved

Price sensitive



Record results, ahead of Business Plan targets for FY 2022-23
Revenues ~€2,420m (up 13% YoY), vs 12M plan target of €3bn for end-June 2023
Growing contribution from all business divisions:
WM +13% to €614m, CIB +14% to €565m, CF +7% to €841m, INS +8% to €293m, HF +2x to €131m
Positive contribution from all revenue streams:
Net interest income up 17% to ~€1,300m, fees up 2% to €657m, trading income up 30% to
GOP €1,174m (up 18% YoY), cost of risk 53 bps
Net profit €791m (up 10% YoY)
9M EPS €0.93, vs plan target of €1.1 for end-June 2023
ROTE 13%, vs plan target of 11% for end-June 2023


Solid earnings performance

Revenues ~€760m (up 10% YoY), second-best quarterly performance ever
Ongoing growth in net interest income to €456m (up 22% YoY, up 2% QoQ)
Strong growth in WM distribution (+38 people QoQ, including 6 bankers of high seniority)
Fees (€185m) and trading income (€24m) both down QoQ, following the
slowdown in CIB activity after the record 2Q results
Net profit €235m (+24% YoY)

Selective growth, high-quality assets
AUM/AUA up 5% QoQ to €57bn, with €2.4bn in NNM and guided conversion of
liquidity into Group assets (MB bonds/certificates/AUM)
Selective growth in lendings; liquidity position comfortable
Gross NPLs down to 2.4% of total loans (coverage ratio 74%)
Overlays intact at ~€285m, cost of risk ~40 bps
CET11 up >30 bps to 15.4% (FL2 14.4%, with 70% cash payout)
Unrealized losses on HTC <10 bps CET1

1 Management calculation which differs from the one used in the COREP Common Reporting, as it includes retained earnings for the period (not
subject to authorization pursuant to Article of the CRR) based on a 70% dividend payout. Undistributed profits account for approx. 15 bps of CET1.
2 The fully-loaded ratio has been calculated without the Danish Compromise, i.e. with the Assicurazioni Generali investment deducted in full (approx.
100 bps) and with the IFRS 9 FTA effect applied in full (approx. 5 bps).