Banca Mediolanum: closes the 9 months with a net profit of 371.5 million

Banca Mediolanum closed the nine months with a net profit of € 371.5 million, in line with the € 375.8 million of the same period of 2021 but in a much more complex and uncertain context. The main data of the accounts approved by the board of directors show an operating margin that grew by 25%, assets under administration of 99.9 billion, loans to customers at 15.9 billion, a common equity tier 1 ratio (cet1) of 20.7% and net inflows which in October amounted to 724 million. The Board approved the distribution of an interim dividend of 0.24 euros per share.

In detail, the economic and financial results as at 30 September 2022. Net Commissions of € 762.3 million, up 6% year on year, demonstrate the resilience of the recurring business in market phases of high volatility, also thanks to the solid contribution of net managed deposits.

The interest margin of € 253 million grew by 28%, supported by the growing customer loan portfolio and treasury loans, both largely related to interest rates. The Contribution Margin therefore saw a 12% increase to € 1,010.6 million and, thanks to cost control and the positive impact of interest rates on provisions, the Operating Margin reached € 474.6 million, an increase 25% compared to the same period last year.

Total assets under management amounted to € 99.90 billion, down 4% compared to 30 September 2021 and 8% compared to 31 December 2021, influenced by the decline in financial markets during the year which was higher to the excellent net inflows. Loans to retail customers of the Group rise to € 15.88 billion, up 15% compared to 30 September 2021 and 10% compared to 31 December 2021. The incidence of net impaired loans on total loans is equal to 0, 71%.

The Common Equity Tier 1 Ratio as at 30 September 2022 stood at 20.7%, confirming the excellent capital solidity of the Group.

Commercial results amounted to € 8.63 billion, down 8% from last year’s € 9.40 billion. In particular: Total Net Inflows were positive for € 5.62 billion, 13% less than in the first 9 months of 2021, while Managed Net Inflows reached € 4.23 billion, down 9% compared to same period last year. Loans disbursed during the period amounted to € 2.88 billion, in line with last year. Furthermore, the Insurance Premiums of the Protection Policies reached € 133 million, an increase of 12% compared to the same period of 2021. The number of Family Bankers at 30 September 2022 was 6,018, up 4%, while the total number of Customers bank accounts stood at 1,662,000, 5% more than at 31 December 2021.