Financial statements for FY2015 approved

Revenues up 12% to over €2bn for the first time

Net profit up 27% to €590m, ROE up to 7.3%

Dividend up 67% to €0.25 per share

CET1 ratio up to 12.0%

In line with the strategic plan objectives, the Mediobanca Group has delivered higher revenues, profits and dividends in the twelve months, continuing to reallocate capital from equity investments to banking activities
- Loans to customers up 8%, to €32.9bn, both in CIB (up 10%) and in RCB (up 9%). Further improvement in asset quality (NPLs down from 3.8% of total loans to 3.5%, coverage ratio up to 53%)
- Revenues up 12%, to €2,045m, driven by wide geographical and business diversification. All banking income streams reflect increases: net interest income up 5% to €1,143m, fees up 11% to €472m, treasury income up to €207m. The contribution from Assicurazioni Generali declines from €261m to €224m
- Cost/income ratio down to 41%, despite costs rising 7% to €847m due to the strengthening of the Group’s operations both domestically and internationally
- Cost of risk down from 230 bps to 168 bps
- Net gains of €126m on equity stake disposals worth €291m (€1.1bn disposals in past two years)
- Group net profit up 27%, to €590m, with ROE rising to 7.3%
- Proposed dividend: €0.25 per share (up 67%), payout ratio climbs to 36%
Balance sheet structure optimization:
- Asset/liability composition remixed to cope with a low interest rate environment: reduction in Group treasury assets (down 25%), increase in loans (up 8%), CheBanca! indirect funding doubling (to €2.9bn), significant reduction in the cost of deposits
- Improvement in capital ratios:
- CET1 ratio: 12.0% phased-in, 13.2% fully phased
- Total capital ratio: 14.9% phased-in, 15.6% fully phased
- Leverage ratio: 11.0%, phased-in, 12.0% fully phased
Positive trend in banking activities continued in fourth quarter: lendings up 2% Q.o.Q., net interest income up 4% to €303m (the best quarterly performance) and fees 10%, with NPLs down 2%