Mediobanca closed the 2018-2019 financial statements with an adjusted net profit up 8%, to 860 million euros. The figure is higher than analysts' estimates, which stopped at 805 million. The turnover it rose by 4%, to 2,5 billion, "thanks to strong commercial activity", reads a note.
Il interest margin on the other hand, it increased by 3%, to 1,4 billion euros, mainly due to the growth of uses (+8% to 44 billion) and the reduction of cost of collection (from 90bps to 80bps).
Le commissions are “temporarily slowing down (-2%, to 611 million) despite the growth in total loans financial activities (+6% to 68 billion) and of net collection (+5% to 5 billion) due to the low volumes of capital market transactions and investors' low propensity for risk".
Il Operating income rises to over 1,1 billion (+8%), while the net profit of the balance sheet drops to 823 million (-5%) due to the absence of extraordinary income. Growing there profitability, with an adjusted Rote at 10,2% (against 9,5% in the previous year) and a stable Cet1 at 14,1%.
The Board will propose to the meeting on 28 October a gross dividend per share of 0,47 euro. The amount will be paid from November 20, with record date November 19 and detachment November 18. The dividend therefore remains stable compared to that distributed last year (as expected by analysts) and corresponds to a pay-out ratio rising to 50% (from 48%).
Also, under the program of buyback, the overall stake that Mediobanca will buy back on the market will be equal to 4,3% of the share capital.
The objectives of the business plan 2016/19 of Mediobanca have been "fully achieved - continues the note - thanks to the peculiarity of the business model and financial solidity".
The results achieved at the end of the three-year period "improve the already challenging objectives of the plan - commented the CEO, Albert Nagel – and allow us to continue on the development path in the next three yearsOur approach new plan will be presented during the capital market day in the month of November of this year".
As for participation in Generali, Nagel explained that Mediobanca no longer has "neither a deadline nor a restriction on the sale of the shares, which therefore remains exclusively a possibility linked to a growth event of the bank". The share in the capital of the Lion therefore represents "a capital reserve available to finance growth".
In reference to the possible purchase of Kairos, "we continue the dialogue with both the current ownership and with the management - concluded Nagel - and we will see if this dialogue in the coming weeks, or in September, will lead to a conclusion of one type or another".
In the afternoon the shares on the Mediobanca Stock Exchange it dropped 0,4%, to 9,052 euros.
