For the entire 2023/2024 financial year, Mediobanca management expects revenues to increase to 3.5 billion euros, with interest margin growing by 10%.
Mediobanca has communicated the financial results for the first nine months of the 2023/2024 financial year (the Piazzetta Cuccia institute closes its financial statements on 30 June), a period closed with a Net income of 946.1 million euros, an increase of 19.6% compared to 791.1 million recorded in the same months of the previous year.
Also increasing intermediation margin which rose from 2.42 billion to 2.63 billion euros (+8.7%), with an increasing contribution in the third quarter alone (897.6 million compared to 759.6 million in the same period last year). The interest margin increased by 14.9% (from 1.3 billion to 1.49 billion euros) with a quarterly contribution of 495.9 million. Mediobanca reported that the continuous repricing action has seen an increase in loan yields (from 4.6% to 5.9%) in the last 12 months, which has also continued in the last few months, only partially offset by the cost of interest expense.
In the solo 3rd quarter Mediobanca’s net profit rose to 334.9 million euros, compared to 235.6 million in the corresponding period of the 2022/2023 financial year.
At the end of March 2024 the jobs they were equal to 52 billion euros (-2.2% year on year, but stable compared to the previous quarter). On the same date the gross impaired assets they were equal to 1.33 billion euros, with an incidence of 2.5% on loans and with a coverage ratio of 69.6%.
Also at the end of March 2024 the Common Equity Tier 1 stood at 15.2%, slightly down compared to last December, since the ordinary activity of the quarter (+20 basis points, between self-financing net of the 70% payout, risk-weighted activities and reserve) was was entirely absorbed by the greater prudential deductions linked to the increase in the shareholding in Generali (which will be largely recovered with the collection of the May dividend) and by the growth of the business (-30 basis points).
For the entire 2023/2024 financial year, Mediobanca management expects revenues increasing to 3.5 billion euroswith interest margin up by 10% and net commissions progressively rising.
Earnings per share and dividend are expected to grow in double digits and will benefit from the cancellation, by June, of 17 million treasury shares, purchased as part of the buyback approved by the meeting of 28 October 2023.
The board of directors of Mediobanca has proposed the distribution of a interim dividend relating to the 2023/2024 financial year for an amount of 0.51 euros per share. The coupon will be detached on Monday 20 May 2024with payment from May 22nd.
The total value of the dividend is 421 million euros.
