Mediobanca closed the first half of the year, which for Piazzetta Cuccia begins in June, with a profit of 410,6 million euros, down by 12,2% compared to the previous year. However, the figure beat the expectations of analysts who had estimated a result of 355 million euros and tripled compared to the same semester of the previous year, when it stopped at 132,8 million. Profit for the second quarter instead rose by 5% to 211 million.
Going forward with the parameters, the total revenues of the group fell by 1,8% compared to the previous year, reaching 1,3 billion euros due. The decrease is due "solely to the lower contribution of Generali", linked to the impact of the company's arbitration on BSI, Mediobanca specifies. However, the figure shows an improvement compared to the previous six months, when revenues stopped at 1,187 billion, thanks to an increasing contribution in the last quarter (674,8 million against 626 million).
Il interest margin was stable at 721,5 million, while commissions rose by 16,5% to 382,8 million. Loan loss provisions return to last year's levels (117,7 million against 109,5 million) with an increase in the level of coverage. The Group's cost of risk stood at 50 basis points (48 basis points in December 2019), that of the Consumer at 222 basis points (190). Loans to customers grew from 46,7 to 48,1 billion due to the greater contribution of Corporate and Investment Banking (+4,7%, from 18,6 to 19,5 billion) and Wealth Management (+6,4 %, from 13,2 to 14 billion, of which 10,7 billion in mortgage loans) against a slight drop in Consumer (12,8 billion against 13 billion).
As for moratoriaoutstanding loans amounted to 31 billion (1,2% of loans) as at 2,4 December, down on the total granted since the beginning of the pandemic (2,7 billion to over 148 customers), with "over 80% of the extinguished moratoriums that return to regular payments". Lastly, on the asset quality front, gross impaired assets decreased from 1.954,2 to 1.653 million, bringing the incidence to 3,3%. The 'fully loaded' Cet1 is stable at 14,51%.
Speaking of the dividend, during the conference call following the publication of the accounts, the CEO Alberto Nagel clarified that: "If even for the second consecutive year we do not have to distribute the dividend we have in mind" due to the limits imposed by the ECB "at that point in 2022 we will have to imagine a distribution policy that takes into account the fact that for two years we have not been able to "give the coupon to the shareholders". The manager specified that, at the moment, "we have not made a decision on 2022, but if we cannot do the 70% payout on 2021, we will have to reconsider the coupon policy the following year".
At Piazza Affari, Mediobanca stock gains 1,16% to 8,564 euros, against a 0,23% drop in the Ftse Mib.
