Banca Mediolanum closed the first semester with a consolidated net profit of 170,3 million euros, down 25% compared to the first six months of the previous year.
Assets under management and administration grew to 71.520 million, up 2% on the first half of the year. The institution's common equity tier 1 ratio is 20,2%.
Through a note, the company announces that “The results for the first half were influenced by reduction of performance fees which, due to particularly adverse markets, contributed with a lower level than the exceptionally favorable one of 2015. On the other hand, the realization of capital gains linked to the sale of CartaSi and Visa Europe contributed positively”.
In particular, Banca Mediolanum recorded inflows of 2,8 billion (+29%), with fundraising (which includes that achieved through Unit-Linked policies) of 1,38 billion which, thanks to the increase in the equity component ( +28%) contributed to the generation of significant management fees.
In the press release issued by Mediolanum it is underlined that “the group's total net inflows were significantly more significant compared to the same period of the previous year, albeit with a lower incidence of flows managed. Inflows into mutual funds, always positive, nonetheless favored maintaining the level of assets under management at the end of 2015, offsetting the depreciation due to market volatility”.
The subsidiary Banca Esperia recorded a profit of 2,8 million (1,4 million is the share pertaining to Banca Mediolanum) on assets under management of 16,7 billion, down 5% compared to the end of June 2015.
On foreign markets, the group recorded a net profit of 17,9 million on assets under management and administration of 4 billion, up 4% compared to 30 June 2015 and in line with the values at the end of 2015.
Finally, the company led by Ennio Doris announces that the board of directors, with the support of the Appointments Committee, has appointed as Non-executive director Luigi Berlusconi, former Director of the merged Mediolanum SpA, in place of Antonio Maria Penna who resigned on May 19, 2016.
