The group Mediobanca closed the first half of the 2014-15 financial year with a net profit of 260,6 million euros, down by 14,5% compared to the 305 million registered in the same period of the previous year. The result is slightly higher than analysts' expectations, who on average had predicted a more serious drop, to 250 million. In the wake of these numbers, the Mediobanca share on the Stock Exchange opened today up 2,2%, at 7,66 euros, achieving the best rise of the Ftse Mib.
In the note released this morning, the Bank explains that the drop in profits is linked to "lower profits from the sale of shareholdings (16 million against 153 million in December 2013". On the other hand, the trend was boosted by "sustained recovery" of banking activities.
“We are satisfied, indeed very satisfied – commented the CEO of the group, Albert Nagel –. We aim to confirm the trend in the coming months, when there will be non-recurring income components. Between now and June we expect the sale of other shares with the associated capital gains".
As for the intermediation margin, it grew by 16%, to 1,01 billion. Operating profit recorded an increase of 58%, to 321 million, due to the recovery of banking activities (result tripled to 198 million).
In detail, Corporate and Investment Banking recorded an operating profit quadrupling to 171 million, while for Retail and Consumer banking the normalized operating profit was 70 million (+34%).
The loss of Chebanca! it decreased to 8,1 million from 10,3. In the principal investing, the contribution of Generali decreased slightly, to 123 million from 131 million.
FROM DISPOSAL PROFITS OF 240 MILLION
Mediobanca also announces that "the process of selling equity investments continues", which will be "accentuated in the second half of the year". In the six months ended 31 December last, the Bank sold 9,9% of Santé Sa with the collection of 38,4 million euro and the realization of a profit of 7,6 million and proceeded with other sales on the market for 30,6 million euros. The sales totaled 80 million with a profit of 15 million. In the 2013-14 financial year Mediobanca sold investments for 840 million euros with profits of 240 million.
NAGEL: “SALE OF TELECOM SHARE IN JUNE, GENERALI IN 2016”
"We think we are in a position to sell the Telecom stake by June", continued Nagel, specifying that the 3% stake in Generali, which is expected to be sold in the industrial plan of Mediobanca (which currently holds 13,4% of the insurance company), "will be disposed of in the next financial year", i.e. in 2016. "The conviction has grown within the bank - added the CEO - that, in line with the company's performance, it would be interesting to replace this stake with an asset or with banking activities to accelerate the path to profitability and development that a specialized bank like us has been able to achieve". Furthermore, the descent into Generali "will not necessarily lead to putting" 3% of the company "on the market, because we could also examine options to exchange the share with assets consistent with our development process".
“NO INTEREST FOR THE POPULAR, OK A COLLABORATION FOR PUBLIC BAD BANK”
On the other hand, "we are not interested in acquiring or merging with cooperative banks, because there would be no synergies", Nagel specified again, confirming however that the institute would be willing to contribute to the creation of a public bad bank, to which it is working the Treasury, if a solution is found that works from a regulatory point of view and encourages the banks to contribute the problematic items.
“We continue to study the issue – said the manager -. For a public bad bank, there are above all regulatory problems to overcome. A solution that is not comparable to state aid must be configured. Only to the extent that a good solution is found which then induces the banks to sell their problematic accounts, will we be able to lend a hand, in the guise that will be deemed appropriate".
"WE WILL ACCOMPANY THE RENEWAL OF THE RCS BOD IF SHARED BY THE MAJOR SHAREHOLDERS"
Finally, as regards Rca, Nagel stated that Mediobanca does not think of proceeding with the sale of its stake (equal to just over 6% of the capital) in the coming weeks, given the market conditions, and is willing to "accompany the renewal of the company's Board of Directors", provided that the list "is authoritative, of quality, shared by the main shareholders" and that the same Board has greater powers than the previous two in dealing with problems in the publishing sector and the financial profile of the company.
