Net profit up 14% (97 million), assets under management up 9% (46,7 billion) and net inflows totaling 1.481 million euro. These are Mediolanum Spa's data for the first half of 2011 compared to the same period of the previous year. The numbers were released today by the group's Board of Directors.
“In line with the new EU rescue plan for Greece – reads a note from the Bank – Mediolanum has decided to proceed with a devaluation of Greek government bonds maturing within 2020, included in Banca Mediolanum's securities portfolios and, at a minimum part, of Mediolanum Vita. This write-down, determined on the basis of a recovery rate of 79%, produced a net negative impact on the income statement of Euro 14,2 million, without which the consolidated profit would have been Euro 111 million (+31%)" .
However, according to the Board of Directors, despite the devaluation, the group's consolidated results recorded solid progress. “Despite a sharp decrease in performance fees of 69% (-48 million), recurring revenues contributed substantially, highlighting a 19% increase in management fees (+33 million) and a interest increased by 48% (+32 million)”.
