Return to profit and dividend in 2013-2014 for Mediobanca, which also strengthens capital ratios in view of the ECB tests. This was announced by the company, specifying that the consolidated net profit for the year ended in June was 465 million, against the loss of 176 million in the previous year.
This is the best result of the post-Lehman era and was obtained thanks to the increase in revenues to 1,82 billion (+12%) and the operating result to 1,028 billion. The interest margin increased (+6% to 1,087 billion) and commissions (+3% to 424 million). There was a clear increase in the contribution of Generali (to 261 million from 17 million). Shares sold for 840 million, with capital gains of 240 million.
In view of the Asset Quality Review, the bank raised its coverage of non-performing loans by 5 points to 50% against the Italian average of 44%. A prudential initiative which has had an impact on the net profit, which is below the consensus (486 million). On the other hand, revenues and operating profit were slightly higher than forecasts. Core Tier 1 Basel 3 strengthened to 11,1%. The board of directors proposed the distribution of a dividend of 0,15 euro per share, with a payout of 27%.
The board of directors proposed the distribution of a dividend of 0,15 euro per share, with a payout of 27%.
At the end of the morning, the Mediobanca stock dropped 0,6%, a 6,785 euro.
