Mediobanca exceeds estimates: quarterly profit of 245 million

Mediobanca is a star on the Milanese list with an increase of almost 5% (4.7%) after the quarterly distribution. Piazzetta Cuccia closed the first quarter of fiscal 2018-2019 with a net profit of 245.4 million euros, down 18.4% from 300.9 million euros for the same period of the previous year. But the recession – explains a note from Piazzetta Cuccia – because of the absence during this period of capital gains from the sale of shares in euros).

This figure is higher than the consensus of badysts, who expected a net profit of 220 million for the period. In contrast, the quarterly turnover amounted to 637.7 million euros, up 6.6% from the first quarter of the 2017-2018 budget, and against a consensus from 630 million euros. The positive start to the year – underlines Mediobanca's rating – was achieved despite the uncertainty and volatility of the markets. The operating result for the period increased by 6.7% to 307.5 million. As for the revenue trend, its growth sees all the components up: the interest margin increased by 3.7% to 344.1 million thanks to the contribution of the consumer bank (+ 4.3% to 223 , 2%). million). Net commissions increased from 138.3 to 155.1 million euros, up 12.1%, thanks in particular to badet management.

As for the capital ratios, as of September 30, the indices were at the levels recorded as of June 30, 2018: the CET1 adoption period was stable at 14.2%, while Cet1's period was fully loaded at 13%. The liquidity and financing indices also remained high: the short-term liquidity ratio (LCR) was 161%, while the stable net financing ratio (NFR) was 108%. Finally, a mention of the Principal Investing division, which, despite the absence of capital gain, contributed 99 million euros to the result of the period. The 13% stake in Generali represents Mediobanca for 3.1 billion euros, compared to a book value of 3.2 billion euros at 30 June.