Mediobanca, record profit in the first half of the year at 611 million

Mediobanca, record profit in the first half of the year at 611 million

In the first half of the year, Mediobanca recorded revenues of 1,731 million (+4%) and a net profit of 611 million (+10%) corresponding to a profit per share of 0.72 euros. The results represent a solid start to the new ‘One Brand-One Culture’ plan, we read in a note.

Mediobanca, “after a first half of the year which marks the record of revenues and profits achieved by the group”, sees a 2023-2024 financial year “in solid growth compared to the previous financial year”. Revenues “are expected to confirm the growth rate forecast in the plan (average three-year annual growth of 5%)”, while “net profit is expected to develop after growing operating costs for the initiatives connected to the plan, but always with a stable cost/revenue index”.

The cost of risk is “confirmed normalizing at pre-covid levels in consumer credit and in the area of ​​55 basis points at group level”. Group which, s dce, “started the 2023-24 financial year positively by laying solid foundations for the development of the plan initiatives, obtaining excellent results in terms of value-oriented and low capital absorption growth”, commented the CEO Alberto Nagel. “Looking at the next few months – he added -, the main businesses will benefit from a favorable positioning in a phase of inversion of the interest rate cycle and from new strategic initiatives aimed at implementing the vision of the plan which sees the group establish itself as a wealth manager”.

[[(gele.Finegil.StandardArticle2014v1) CheBanca! diventa Mediobanca Premier e punta ad aumentare le gestioni a 50 miliardi in due anni]]

Source link