(Finance) – Mediolanum Bank has closed the first quarter with a Net profit of 114.3 milliondown from 133.4 million in the same period last year, solely due to market effects lower than last year.
“The start of this 2022 was marked by a growing tension that resulted in the conflict in Ukraine and the consequent international crisis, the resolution of which I hope will take place as soon as possible”, he recalls. the CEO Massimo Dorisadding “the excellent results of the first quarter are proof of Banca Mediolanum’s ability and working method to produce value even in complex contexts such as the current one. Family Bankers represent the point of reference for our customers and guide them in rational management of their savings also through training events and communication activities carried out for a full and better understanding of the events “.
The Operating margin amounts to 142 million, 13% higher compared to the first quarter of 2021, demonstrating the great resilience of all areas of the recurring business even in unfavorable economic contexts. The Recurring Commissions equal to 371.9 million, result in 9% growth compared to March 31, 2021, while the Interest margin equal to € 70.4 million, records a au
chin of 9%.
The total of Assets Managed and Administered is equal to 106.10 billionshowing an increase of 9% compared to March 31 last, although down by 2% compared to the end of 2021. Loans to retail customers of the Group amounted to 14.82 billion, an increase of 3% compared to December 31 2021 and 18% year over year.
A Common Equity Tier 1 Ratio at 21% as at 31 March 2022 confirms the absolute solidity of Banca Mediolanum.