A few hours after Mediobanca, Monte dei Paschi also lifts the veil on the 2025 accounts, closed with strong growth numbers that pushed the board of directors to propose a maxi dividend of 2,6 billion, 0,86 euros per share, up 244% compared to the previous year and with a dividend yield of around 10%, among the highest in the sector. MPS has also set a dividend yield of The long-awaited presentation of the new industrial plan will be on February 27th. relating to the business combination with Mediobanca which will be, as anticipated by Siena, a separate legal entity, Focused on corporate and investment banking and private banking for high-end clients. On the Milan Stock Exchange, MPS shares fell 2% to €8,916, while Mediobanca rose 2% to €19,415.
MPS: Profits to grow 17,7% in 2025
For the bank led by Luigi Lovaglio, 2025 ends with a net profit of 2,75 billion, up 17,7% compared to the previous year, thanks above all to a fourth quarter on the rise, closing with a profit of 1,38 billion driven by the revaluation of DTAs. Not only that, considering also the fourth quarter of Mediobanca (which closed the period with 300 million in profits) Group net profit for 2025 will reach 3,04 billion.
Total revenues reach 4,957 billion, including Mediobanca (883 million). Excluding Piazzetta Cuccia, turnover stands at 4,074 billion, a slight increase (+1%) compared to 2024. Operating income of 2025 amounts to 1,86 billion, up 6,4%, with the commissions up 8,2%, driven by wealth management and advisory activities, which grew by 13,3%. Net interest income, however, slowed to €2,182 billion (€2,356 billion in 2024) (-7,4%).
Moving forward with the income statement, Group operating costs amount to 2,304 billion (1,885 billion excluding Mediobanca, +0,8%), with a cost/income ratio stable at 46%. personnel expenses, including Mediobanca's €240 million, it is €1,521 billion. Banca MPS's gross operating profit is €2,189 billion, up from €2,165 billion in 2024. Net operating profit grows to €1,860 billion (+6,4%).
The financial situation is solid. Fully loaded Cet1 ratio is at 16,2%, down from 18,3% and the Total Capital Ratio is 18,4% (20,6% at the end of 2024). liquidity position It shows an LCR of 167% and an NSFR of 121%, both improving. In terms of volumes, total funding amounts to €361 billion, and loans to €143 billion.
Finally, credit: the MPS group with Mediobanca records a total of bad loans of 4,2 billion (of which €1 billion attributable to Mediobanca), a downward trend compared to 30 September 2025 (€4,4 billion). Considering the effects of the recently finalized disposals of non-performing loans with a gross value of €0,2 billion, total non-performing customer loans, net of Mediobanca, amounted to €2,9 billion. Net non-performing loans at Banca MPS stood at €1,6 billion, a decrease on a like-for-like basis compared to 2024 (€1,9 billion).
MPS accelerates integration with Mediobanca, which will become its legal entity.
Investors' eyes are now focused on February 27, the day MPS will unveil the new plan that will reveal Mediobanca's fate and will therefore reveal whether the Piazzetta Cuccia stock will remain listed or, conversely, whether the delisting envisaged by CEO Luigi Lovaglio's original plan will take place. Rocca Salimbeni explains that "they have recorded aacceleration of activities aimed at full integration between the two banks to maximize the industrial synergies announced with the transaction" and that "within this framework, the group's structure will be defined, fully aligned with the industrial rationale" of the offering and "oriented toward maximizing value creation." In this context, the bank anticipates that Mediobanca will be "a legal entity focused on corporate and investment banking and high-end private banking activities."
Lovaglio: "Complete integration with Mediobanca by the end of 2026"
“We are accelerating the integration process with Mediobanca", Lovaglio confirmed in a conference call with analysts, but declined to provide details. When asked about the group's structure, he replied that "the Banca MPS board of directors has not made all the final decisions" and the guidelines will also be finalized with the Piazzetta Cuccia bank. "We will provide all the information within a fortnight, when the plan is presented," he added.
During the call, the manager confirmed the estimated cost of the MPS-Mediobanca merger at €700 million. "It could be even higher," he said, emphasizing that "the project we will present is among the most interesting in the banking sector. We are at the beginning of what the Monte dei Paschi group is becoming," Lovaglio said. Finally, the timeline is clear: the MPS-Mediobanca merger aims to be completed. within the end of the year.
(Last updated: 11.25pm on Tuesday 10 February).
