Mediobanca BoD - Results for FY 2020-21 approved
Price sensitive
Rapid, V-shape recovery back to pre-Covid levels
Dividend and buyback policies resumed
12M results
Record revenues (€2,628m, up 5% YoY1 )
driven by WM increased scale and profitability and solid performance in CIB
which offset the slowdown in Consumer Banking due to lockdowns
Record fee income (€745m, up 18% YoY)
with NII resilient (down 2% to €1,415m)
Significant drop in cost of risk, stable at 52 bps (down 30 bps vs 82 bps last year),
with asset quality at best ever levels and substantial overlays set aside
GOP (€1,142m, up 20% YoY) back to 2019, pre-Covid levels
Cost/income ratio stable at 47%, despite ongoing enhancement of distribution
Net profit up 35% to €808m, EPS up 35% to €0.91
ROTE2 9%, with substantial capital (CET1 16.3%, up 20 bps YoY)
and shareholders’ funds increasing (TBVPS up 10% to approx. €11 per share)
Distribution policy3 : DPS €0.66 (7% yield)
Cash payout 70% of net profit, confirmed for FY22
Treasury shares owned (up to 22.6 million) to be cancelled
New share buyback plan to be launched (up to 3% of share capital)
M&A in WM
Acquisition of Bybrook, scouting ongoing
ESG achievement in fast progress
4Q results
Second best quarter in 12M for revenues (€665m) and net profit (€204m), due to
business diversification and recovery in PI
TFAs €71bn (up 3% QoQ), AUM/AUA €46bn (up 5% QoQ), with over €1bn in NNM
(all AUM/AUA)
New loans in Consumer Banking total €1.9bn, near pre-Covid levels
Cost of risk 56bps, overlays further increased to almost €300m
CET1 up 16.3% (15.1% fully-loaded)
1) 12M to end-June 2021 vs 12M to end-June 2020; QoQ chg.: 3M to end-June 2021 vs 3M to end-March 2021
2) ROTE/ROAC calculated using adjusted net profit (cf. footnote 4).
3) Subject to authorization by the ECB.
4) ROTE calculated using adjusted net profit (GOP net of loan loss provisions, minority interest and taxes, with taxation normalized at 33%, 25% for PB and AM, 2% for PI).
