Mediobanca closed the first quarter of the 2017-2018 financial year with a net profit of 300,9 million, up 11,2% compared to the same period last year. The figure is higher than the consensus of analysts, who estimated a profit of 260 million.
On the other hand, the intermediation margin grew by 12,9% to 598,4 million: also in this case it is a level above market expectations, which stopped at 585 million. As for the interest margin, it stood at 331,7 million (+5,6% annually) and commissions at 138,3 million (+30,5%).
“It was a quarter in which all components grew”, commented the CEO Alberto Nagel. Structure costs grew by 20,3% to 255,7 million, which "discount the expansion of the perimeter and the related strengthening of the structures", for a cost/income ratio rising to 42,7%.
The cost of risk fell to historic lows at 57 basis points from 73 in June, also thanks to loan loss provisions down by 39,7% to 54,6 million. On the balance sheet front, the Cet1 coefficient calculated with the standard methodology remained stable compared to June at 13,3%.
Among other things, the institute is awaiting the go-ahead for the application of the advanced models for calculating the coefficient: "We expect a first release, for the large corporate part, between now and December", clarified Nagel.
