It's a quarterly day in Piazza Affari. After Saipem and Stm è Mediobanca to present the accounts. The Piazzetta Cuccia institute closed the first quarter of the 2019-2020 financial year with a net profit up 10% to 271 million euro, "at the highest levels of the last three years", underlines the company's note. The result beat the expectations of analysts who had predicted a profit of 250 million.
Up 7,3% the intermediation margin, which rose above the consensus (680 million) to 684,2 million with a interest margin to 359,1 million (+4,4%) and other income to 154,9 million (-0,1%).
Costs amounted to 282,6 million (+4,1%) against the 290 expected by the market. The report cost/income thus it drops to 41,3%. As for capital solidity, the coefficient Cet1 phase-in is at 14,2%, up 8 basis points from the previous quarter.
The impact of equity investments on the quarterly profit – almost entirely attributable to Generali – was 135,5 million euro, up on the 98 million in the same period of the previous year.
“Mediobanca continues on its growth path, confirming the distinctiveness e the sustainability of its business model: focus on highly specialized and marginal activities, the growth of which derives from long-term structural trends, ample capital endowment, risk profile among the lowest in Europe". These are the words that Mediobanca inserts in its press release, once again defending its business model after the recent declarations of Leonardo del Vecchio who, following his entry into the shareholding structure, had asked for "a new industrial plan that does not base the of Mediobanca only on Generali and Compass, but you plan a future as an investment bank”.
We remind you that the Mediobanca shareholders' meeting is scheduled for Monday 28 October during which the CEO of Piazzetta Cuccia, Alberto Nagel, will have the opportunity to speak face to face with the number one of Luxottica. “ We have to stay focused on what we do. But it is our custom to discuss with the shareholders and we will do so with Delfin“, said Nagel answering questions from reporters. “Our policy is one of organic growth but also of M&A. We have watched and used the M&A with interest and have carried out 4 or 5 transactions in recent years. The M&A continues to be an option of the current project but we can deliver interesting results even without the obligation to do so".
In Piazza Affari, after the accounts Mediobanca stock gains 1,8% at 10,855 euros.
