Net Profits Rise At Italy's Mediobanca

Tom Burroughes

1 August 2022

Mediobanca, the Italian group, late last week reported a net profit of €191 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 , plus a high contribution from CIB , 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.