Banca Mediolanum closed the first quarter with a net profit down 47% to 73,2 million. Pre-tax profit dropped to 93,3 million from 173,3 million in the same period last year. In a note, the company explains that the results "in the first quarter were influenced by the decrease in performance fees which, due to a particularly adverse market, contributed with a much lower level than the exceptionally favorable one in the first quarter of 2015" .
Total assets under management and administration rose to €70,8 billion, up 2% on the end of the first quarter of 2015 and substantially unchanged on the balance at the end of the previous year. The Common Equity Tier 1 Ratio was 19,7% as at 31 March 2016.
As regards Banca Mediolanum's activities in Italy, total net inflows were positive for €1,7 billion, up 66% on the same period of the previous year. Fund raising (which includes that achieved through unit-linked policies) amounted to 604 million. Loans to retail customers recorded a 14% growth to 6,4 billion, while the ratio of net non-performing loans to total loans was 0,8%. Total customers at the end of March stood at 1,15 million, 20.500 more than at the end of the previous year. Current and deposit accounts reached a total of approximately 862.200 units, with an increase of 21.500 units compared to the end of 2015
As regards the investee Banca Esperia, net profit was 1,2 million (0,6 million pertaining to Banca Mediolanum) while assets under management fell by 5% compared to the same period last year to 17,1, 1 billion (-XNUMX% compared to the beginning of the year)
With reference to foreign markets, net profit amounted to 2,1 million. Assets under management and administration grew by 4% over the first quarter of 2015 to 4 billion euro (-2% since the beginning of the year). In Piazza Affari, around 15 pm, the share lost 0,1%, falling below the 7 euro threshold to 6,995 euro per share.
