Financial Results

Net Profits Rise At Italy's Mediobanca

Tom Burroughes Group Editor 1 August 2022

Net Profits Rise At Italy's Mediobanca

The Mediobanca Group said it delivered strong business and profitability performances posted in the 12-month period to end-June, and fourth quarter, despite the worsening market instability.

Mediobanca, the Italian group, late last week reported a net profit of €191 million ($194.6 million) in the three months to end-June, down from €203.7 million a year ago.

Costs rose to €354.4 million in the latest quarter from €332.5 million a year before, the group said in a statement on Friday.

Total income rose to €703.7 million from €664.8 million.

The firm said that over 12 months to the end of June, it booked net new money of €9 billion. There were €2.8 billion of deposit inflows into Mediobanca Private Banking, mainly due to by liquidity events. 

At the end of June, there was a Common Equity Tier 1 ratio of 15.7 per cent.

Wealth and private banking
Wealth management net profit in the 12 months to end-June rose 34 per cent to €134 million.

Net fee and commission income in the 12-month period to end-June totalled €850 million, rising 14 per cent on a year ago, on growth in wealth management (up 26 per cent year-on-year, to €422 million, driven by a 28 per cent increase in management fees), plus a high contribution from CIB [corporate/investment bank], rising 9 per cent year-on-year, to €346 million, driven by advisory and lending business.

This publication interviewed the head of the group’s private bank earlier this year.

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