The first quarter of the 2015-2016 financial year is archived Mediobanca, which closed with a Net income of 244,3 million euros, up 53% on an annual basis. The result recorded by the institute exceeded the expectations of analysts and represents the best quarterly result of the last five years. Total revenues, on the other hand, decreased by 3% to 507 million.
The takeover bid for the entire stake in Pirelli also contributed to boosting Mediobanca's profits, which resulted in profits from realization of 88 million euro. Among the companies of the Mediobanca group, the performance of Compass, with a profit of 40 million (+42%), while CheBanca records a positive net result for the first time (2,2 million).
Among the divisions, Corporate and Investment Banking reported a net profit down to 25 million and with revenues down 33% on an annual basis to 148 million. Principal Investing, on the other hand, recorded a profit of 180,6 million against 53,3 million last year, also thanks to the greater contribution from Generali (82,8 million from 55 million).
The CEO presented the quarterly accounts Albert Nagel, who said he expects "a profit improvement over the past year, then the extent of the improvement is yet to be understood." Nagel also confirmed the institute's plan regarding Generali, namely "go to 10% by the end of June”.
Meanwhile, the good performance of the group is receiving acclaim Business Square, where Mediobanca shares advanced by more than 1% in the morning.
The Mediobanca meeting began shortly after 11 in the Piazzetta Cuccia office. As indicated by the president of the institute Renato Pagliaro when opening the meeting, 60,5% of the capital is present. The shares of shareholders who participate with more than 2% remain unchanged: Unicredit with 8,6%, Bollore' with 7,94%, Mediolanum with 3,4%, Carisbo Foundation with 2,8%, Standard Life Investments with 2,4%, Benetton with 2,15% and Fininvest with 2,04%.
The shareholders' meeting met in the ordinary session to approve the accounts for the 2014-15 financial year and to determine the remuneration policies and in the extraordinary session to approve the governance changes in line with Bank of Italy directives.
