Mediobanca concludes the first nine months of the year with profits up by 11,1%, to 681,9 million, against analysts' forecasts which on average did not go beyond 660 million. Revenues, on the other hand, increased by 8,6%, to 1.800,1 million, against a consensus of 1.780 million. “The result – explains Mediobanca – reflects the progressive consolidation of the wealth management acquisitions and the good performance of all the other divisions, consumer banking in particular”. In particular, in the third quarter the turnover reached a record level of 630 million.
On the same line the accounts of Bank Ifis, which in the first quarter of 2018 recorded a net profit up 16%, to 37,9 million euros, and an intermediation margin improved by 35%, to 139,4 million. The net result of financial management amounted to 128,4 million euros (+26,7%), while operating costs increased by 31,9%, to 73,4 million. Personnel expenses increased to 26,8 million euros (24,1 million in March 2017, +11,4%), in line with the increase in the number of group employees, which as at 31 March 2018 they were 1.541 against 1.361 a year earlier. At the end of March, consolidated shareholders' equity amounted to 1.413 million, against 1.368,7 million as at 31 December 2017 (+3,2%). On the balance sheet side, the Cet1 fell slightly to 15,49% from 15,64% a year earlier.
The numbers are good too Eurizon, an asset management company of the Intesa Sanpaolo group, which closed the first quarter with a profit of 123,2 million (+4,2% over the year), a commission margin of 184,8 million (+18%) and a cost/income ratio of 20%. Total deposits reached 3,3 billion, thanks above all to open-ended funds (2,7 billion), which benefited from strong inflows in the flexible category (over 3 billion). The contribution of portfolio management for institutional customers was also positive, with 1,5 billion, and the growth trend of PIR funds continued, which at the end of March exceeded 2 billion in assets under management, with inflows of 354 million since the beginning of the year. As at 31 March the value of assets was equal to 314,5 billion (+6,5%).
The quarterly approved by is of a different sign Cattolica Insurance, which between January and March recorded a group net result of 24 million, down 20% on the year. The decline came "due to the effect of the cost of the new subordinate and lower earnings", explains the company. Total premium income reached 1,3 billion (+1,1%) with positive contributions from both the Non-Life (+0,4%) and Life lines (+1,7%), while the operating result increased to 45 million (+4%), "in line with the objectives of the 2018-2020 business plan". The combined ratio grew from 93,4% to 93,7%, while the Solvency Ratio reached 199%. The group "expects a year in line with the 2018-2020 Business Plan".
