Mediobanca archives the third quarter of the 2020-2021 financial year with a net profit of 193,3 million, more than doubled compared to 84,6 million in the same period of the previous year and higher than the 155 million expected by the consensus of analysts collected by the institute. On the other hand, the intermediation margin grew by 13,9%, to 662,8 million, against the 635 million expected by the market.
Widening the gaze to the nine months ended March 31st, profit climbed 9,4% to $603,9 million, while revenues increased 3% to $1,96 billion, with net fees and commissions at a record level of $571 million (+17%) and operating margin interest at 1,1 billion (-1%). Structure costs grew by 1,6% to 905,6 million, for a cost/income ratio down to 46,1%.
On the side patrimonial, the Cet1 coefficient is at 16,3%, up by 20 basis points compared to June 2020.
Mediobanca “confirms the indication of a 70% payout - reads a note - subject to the removal of the ECB recommendation in force until 30 September 2021. The proposal for a dividend for the current year will therefore be formulated within the appropriate time frame to be submitted for approval by the shareholders' meeting expected by the end of October".
With regard to forecast for the fourth quarter, Mediobanca sees the closing of the financial year as "widely recovering compared to last year, overcoming the difficulties of the pandemic". In particular, the group's revenues "will continue to be supported by a positive flow of commissions for the Investment banking and Wealth management divisions which offset the slowdown in the interest margin characterized by lower consumer personal loans, on which there are signs of recovery in these weeks".
As for one possible aggregation with Unicredit, "in finance all fantasies are legitimate and also interesting - said the CEO of Mediobanca, Albert Nagel – but from an industrial point of view, I think it is a combination that would be of little use to both", because the combination of an investment bank and a universal bank would be "an industrially meaningless operation". But it does not seem that Leonardo Del Vecchio thinks the same way, who dreams of creating a large Italian financial center between Unicredit, Mediobanca and Generali.
FINECOBANK
The first quarter of 2020 closes for Finecobank with a adjusted net profit of €94,7 million, which shows an increase of 2,7% on an annual basis. It is a matter, underlines a note, of a new record for Fineco.
I revenues in the first quarter of 2021 amounted to 218,2 million (+8,4%) thanks mainly "to the contribution of net fee and commission income and the result from trading, hedging and fair value", reads a note.
Il financial leeway it stands at 75,1 million (+4,3%). In particular, the interest margin decreased to 61,8 million (-9,3%) while net commissions rose to 118,7 million (+13,1%). The increase, explains Fineco, is mainly attributable to the increase in net commissions relating to the Brokerage area (+10,9%) and the Investing area (+14,1%). Commissions in the Banking area rose (+14,4%) thanks to the contribution deriving from the "repricing" on current accounts. Operating costs grow to 73,8 million (+10,9%).
The cost/income ratio, net of non-recurring items, was 33,8%, up 0,8 percentage points year on year. Net adjustments to loans and provisions for guarantees and commitments amounted to -0,5 million. The cost of risk is equal to 9 basis points. The Cet1 is at 26,51%.
“We are very satisfied with the first quarter results, which clearly highlight the change of pace in Fineco's growth path – comments Alexander Foti, managing director and general manager of the Bank – The turning point rests on extremely solid foundations, being driven by the rapid affirmation of the structural trends underway in the country, among which digitization stands out”.
Now the company, continues Foti, remains focused "on making the most of the great growth opportunities offered by our platform based on a digital DNA, ideally positioned to continue to offer an excellent level of service based on efficiency, transparency and continuous innovation ”.
MEDIOLANUM
Finally, Banca Mediolanum closes the first quarter with a net profit of 133,4 million, up 85% year-on-year, “thanks to the strong improvement of all revenue lines, the control of operating costs and the positive market effects”, reads a note. The figure relating to profits is higher than market expectations, with the consensus for the quarter stopping at 116 million.
Recurring commissions rise to 342 million, "a new historical record for core business revenues". The interest margin of 64,8 million (+14%), "in contrast with the market", was "strongly supported by disbursements to customers and by the lower cost of retail deposits".
Il operating margin amounted to 125,3 million (+26%) while total assets under management and administration reached 97.718 million, with an increase of 5% compared to the end of 2020 and of 25% compared to 31 March last.
- loans to retail customers of the group stood at 12.580 million, up 4% compared to December 2020 and 18% year on year. The ratio of net non-performing loans to total group loans is 0,63%. The Cet1 stands at 20,7%.
“Beyond the positive market effects, this result is an expression of the sustainability of the structural business – he said Maximus Doris, managing director of Banca Mediolanum – The company is close to the significant milestone of 100 billion assets under management and our capital capacity remains stable at over 20%, despite the significant amount of dividends that we are ready to distribute”.
