Mediobanca closes the first quarter of the 2013-2014 financial year with a net profit of 171,2 million, up 57% compared to the period July-September 2012, thanks also to capital gains deriving from the sale of equity investments for 79,5 million. This was announced in a statement released after the board of directors approved the accounts. After the publication of the data, the stock of the institute in Piazza Affari is up 2,2%, achieving one of the best increases in the entire Ftse Mib.
Core Tier 1, which in the quarter does not take into account the result for the period, stood at 11,5% compared to 11,7% in June 2013. The interest margin grew by 4,4% to 270,5 million, while the intermediation margin decreased by 8,2% to 416,3 million due to the 18,7% drop in commissions and the result of negative trading for 2,7 million. Costs also decreased by 2,9% to 168,6 million.
Funding grew by over three billion in the quarter, as a result of new bond issues of 1,7 billion and higher CheBanca! (from 11,9 to 13,6 billion); including the covered bond (750m issued in October) the annual funding program is largely completed.
The positive contribution of Principal Investing (gross profit from €20m to €141m) and the growth of Consumer & Retail Banking (revenues +11% to €228m) offset the sharp decline in revenues from Corporate and Investment Banking (-45% to €118m ). The market value of the equity portfolio as at 30 September rose to 5,1 billion (+19%).
