Financial Results
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.