The Italian banking group provides services including private banking and wealth management, and results at this side were positive, it said.

Milan-headquartered Mediobanca, which provides private banking and wealth management as part of its service range, yesterday announced an 8 per cent year-on-year profit of €660 million ($682.9 million) for the six months to end-December 2024.

Revenues in the wealth management side of the group increased 5 per cent in the six-month period, on a year earlier, to €480 million, the lender said in a statement. 

In the final three months of last year, group revenue rose 14 per cent year-on-year to €983 million, and wealth revenues expanded by 10 per cent to €252 million. 

The wealth business logged net new money in the last six months of 2024 of €4.8 billion.

Mediobanca said assets managed on behalf of clients totalled €106.8 billion, rising €13 billion from a year before, buoyed by higher markets. It had assets under management of €48.2 billion, rising 18.2 per cent year-on-year.

The lender revised up its revenue target for 2026 to about €4 billion from €3.8 billion, and net profit target is at more than €1.4 billion.

“After posting its best-ever set of results in the last financial year, in 1H FY 2024-25 Mediobanca has again reported growth in all its divisions, consolidating the main initiatives launched in the 2023-26 Strategic Plan,” Alberto Nagel, CEO of Mediobanca, said. “All physical and digital platforms have been enhanced, by attracting the best talents: the service offering has been expanded and repositioned increasingly to reflect the private and investment banking model, which has been well received by clients in their investment, lending, and ordinary and extraordinary advisory decisions.”

In 2023, this news service interviewed the CEO of CMB Monaco, part of Mediobanca, about how it fits into the wider Mediobanca private banking and wealth story.