Mediobanca steady, consistent progress made in implementing BP19-23

Covid-19 impact managed successfully, confirming validity of business model:

  • Mediobanca strongly positioned in resilient segments: households & large-mid caps and fee-driven capital light businesses 
  • Mediobanca moved from emergency situation to providing continuous support to staff, clients and community
  • IT investments in digitalization and automation accelerated

4Q results above expectations:

  • Positive market and customer trends supporting faster than expected recovery in business
  • 4Q ordinary earnings sufficient to cover FY20 one-off charges (€285m), 80% Covid related, 80% in 4Q20
  • Growth confirmed: €606m revenues (up 4% QoQ), €217m net profit adjusted

Solid FY20 results

  • Revenues resilient at €2.5bn, with NII and fees up 3%
  • CoR at 82bps (+30bps YoY), Gross NPLs/Ls ~ 4%
  • Net profit at €600m - adjusted €887m
  • ROTE adjusted 10% 
  • CET1 at 16.1%1 (+200bps YoY) with DPS20 = 0 (as ECB guidelines)

BP19-23 strategy, targets and shareholders’ remuneration policy confirmed now also factoring in Covid

Targeting industry-leading performance in term of growth and shareholders remuneration

CSR/ESG strategy: delivery ongoing 

1) CET1 phase-in. CET1 FL @14.5% (without Danish Compromise ~145bps and with IFRS9 fully phased ~15bps

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