The Italian bank said the decline in profitability in the wealth management side of the business is expected to decelerate from a year ago as activities normalise in the autumn. As reported earlier in 2026, Banca Monte dei Paschi di Siena has taken full control of Mediobanca and is de-listing it. The brand identity will be preserved.

Milan-headquartered Mediobanca, which is in the process of being taken over, said its wealth management arm’s net profit sustained a 33 per cent year-on-year drop in net profit to €81 million ($93.3 million) for the first half of 2026, affected by a higher tax rate and €18 million in one-off charges.

Revenues fell 5 per cent to €447 million in H1 2026. Management fees rose by 10 per cent while upfront/performance fees and net interest income declined, it said in a statement yesterday. 

The cost/income ratio was little changed at 68 per cent.

Net new money dipped €1.4 billion, with a decline of €300 million in the second quarter, showing that most of the decline happened in the first three months of 2026.

As reported in February, Italy’s Banca Monte dei Paschi di Siena (BMPS) has taken full control of Mediobanca and is de-listing it while preserving its brand.

The bank said that in its wealth management arm, the decline in profitability is expected to slow compared with last year, with activities normalising from the autumn, despite the hefty charges taken to retain commercial staff and clients.

At the overall Mediobanca group level, net attributable profit stood at €711.2 million, rising 5.9 per cent on a year earlier. Net operating income also rose 5.9 per cent and operating expenses fell 1.7 per cent.