Mediobanca Results - Impressive results once again for the Mediobanca Group in FY 2023-24, with a positive start made to the main initiatives featured in the #OneBrandOneCulture Strategic Plan, the objectives, vision and trajectory of which are confirmed. In 12M high K-light growth has contributed to the significant progress made by all the divisions, generating appealing remuneration for stakeholders.
🎯 Record performances were posted in terms of revenues (up 9% YoY to €3.6bn) and net profit (up 24%, to €1.27bn. EPS rose by 27% (to €1.53), with high profitability (ROTE up 1pp to 14%) and capital solidity levels (CET 16.1%, up 20 bps YoY).
📈 Wealth Management, for which growth was one of the priorities in the 2023-26 Strategic Plan, posted double-digit increases in both revenues and net profit, totalling approx. €925m and €210m respectively, on the back of NNM that are consistently above market average (TFAs up 13% YoY to almost €100bn), driven by the unique Private & Investment Banking model plus the launch of Mediobanca Premier.
📈 Corporate & Investment Banking delivered its best-ever result in terms of revenues (€760m, up 7% YoY), helped by strengthening of the international activities (share up from 40% to 55% of total income) and the creation of a capital-light platform in synergy with #WealthManagement. Consumer Finance also delivered a sound performance, with net profit rising to €383m, and record results in terms of new business and customer loans (€8.4bn and more than €15bn respectively). The Insurance division too contributed well, with a net profit of €522m.
The Group is also making good progress on its sustainability roadmap in line with the #ESG targets contained in the Strategic Plan. It has renewed its membership of some of the most important international protocols, and for the first time the actions taken to address climate change have been described in a Group Transition Plan.
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