Mediobanca archives the first quarter of the 2014-2015 financial year with net profit of 160 million euros, exceeding analysts' expectations (which did not go beyond 120 million) but down 6,5% compared to 171,2 million recorded in the same period last year, when however the result included gains on disposals of 79,5 million, against only 4 million in the period July-September 2014.
The institute also makes it known that the revenues consolidated amounted to 525,4 million, for a growth of 24,5%. “Our outlook it is positive – said the managing director of the Bank, Alberto Nagel, regarding the prospects for the year that began last June -. We expect a recovery in the profitability of core banking activities and therefore to have, other conditions being equal, a profitability sustained more by the ordinary recurring component compared to last year when we had an important contribution from the sale of equity investments".
In the wake of this news, less than an hour after the start of trading, the Mediobanca share on the Stock Exchange gained more than two and a half percentage points, 6,81 euros, the second best increase of the Ftse Mib after the rebound of Mps (+4%).
As for the new phase of consolidation of the Italian banking system which will begin in the coming months, Mediobanca is aiming for a management role and not as an actor in mergers and acquisitions operations: "We think we will operate as an investment bank in a process that will lead certainly both capital strengthening and consolidation – continued Nagel –, perhaps not immediately but certainly in the next 18 months. We we are not interested in M&A, also because we have embarked on a path of strong innovation in the retail model, based heavily on both the technological part and the convenience of products for customers. Therefore, an acquisition or a marriage between CheBanca! and a very different kind of reality would make no sense.”
On the side of disposals, however, Mediobanca will continue along the path envisaged in the business plan in the second half of the 2014-2015 financial year, after the first quarter (July-September) closed without significant operations from this point of view. In any case, the CEO confirmed his intention to leave Telecom Italy, of which Mediobanca transparently holds 1,6% through a stake in the Telco holding, which is in the process of dissolution: "The sale depends on the consent of the authorities, but we believe that it can be completed by 30 June". Regarding participation in Rcs, stuck at 6,2%, Nagel added that the sale "will depend on prices and the market".
In terms of checks by the ECB, the CEO underlined that Piazzetta Cuccia has “completely surpassed” both stress test is Aqr and therefore will not need interventions on coverage or capital. “Our regulator played a role of great professionalism and help for all Italian operators and explained the situation well – commented Nagel again -. I consider it very positive that in the end only two Italian intermediaries have remedial plans to make and not necessarily with capital increases. So I give a very positive opinion of how the Italian system has come out of this stress test".
Finally, the CEO of Mediobanca reaffirmed his support for the Executive's action: “As regards the Stability law, I do not allow myself to comment on individual provisions – he concluded -. I just observe that the efforts that this government is doing to make the Italian system more competitive, they must be supported and accompanied and not just criticized. A more competitive system cannot be built with criticism”.
