Mediobanca BoD - Financial statements for three months ended 30 September 2023 approved

Price sensitive

Record quarterly results
Positive start to 2023-26 Strategic Plan
“One Brand - One Culture”


Revenues of over €860m in 1Q, more than €100m higher than last year

Net interest income ~€500m (up 25% YoY1 and up 5% QoQ adj.), fees consistent with previous two quarters (~€180m), strong contribution from Insurance (~€140m)

Net profit €351m, with EPS 3M €0.41 (up 34% YoY, up 49% QoQ)

Profitability increasing further: ROTE 14%, RORWA 2.8%

Robust capitalization: CET12 15.5%

High stakeholder remuneration: 70% cash payout + €0.2bn buyback3
(fully deducted from CET1)


WM – Growth prioritized at Group level, distinctive positioning in Private Investment Banking

WM: TFAs up €8bn in 12M to €89bn
€1.8bn in NNM for 1Q in AUM/AUA
(50% qualified),
Record revenues
(~€220m) and earnings (~€50m)
Profitability increasing (RORWA 3.5%)

CIB – Focus on growth in K-light activities

RWAs down 21%
Effective co-operation with Private Banking
Partnership with Arma completed
Asset quality at best-ever levels

CF – Growth through multichannel leadership and independent distribution

New loans solid (€1.9bn), BNPL up 2x, more than 80% of personal loans distributed through proprietary network, 33% “digital”
Asset quality normalizing in line with expectations
(CoR 165 bps), profitability high (RORWA 2.7%)

INS – High contribution decorrelated from other businesses

Revenues up sharply, driven by non-life business, net profit €137m,
RORWA 4.2%, AG investment book value stable at €3.5bn

HF – Active A&L management

Group net interest income up 25% YoY and up 5% QoQ adj. to ~€500m
Comfortable funding position, tactical increase in banking book investments, regulatory ratios high


Second TCFD4 report with expanded NZBA scope and two new sector targets (aviation and cement)

€500m SNP Sustainable bond issue (50% of 2023-26 Strategic Plan target)


1YoY: 3M to end-September 2023 vs 3M to end-September 2022; QoQ chg.: 3M to end-September 2023 vs 3M to end-June 2023.
2 CET1 (phase-in and fully loaded) pro forma, considering the Danish Compromise as permanent (benefit of ~100 bps) and including retained earnings for the period (~20 bps) (not subject to authorization pursuant to Article 26 of the CRR) net of the dividend payout of 70%.
3 Share buyback scheme subject to authorization by AGM to be held on 28 October 2023; ECB authorization received on 20 October 2023.
4 Task Force on Climate Related Financial Disclosure; NBZA: Net-Zero Banking Alliance.