(Finance) – “The 50 cents per share that we have proposed to the shareholders’ meeting are the new base dividend. While in 2021 we had 46 cents and then we decided to add a special dividend, for 2022 we expected to go from 46 to 48 cents, but given how things are going – therefore a NII that grows a lot and collections that will continue to be important – we feel confident of bringing it to 50 cents. This means that for the 2023 we expect a higher dividend at 50 cents”. He stated it Massimo Doris, managing director Of Mediolanum Bankduring the call with the financial community that followed the publication of the 2022 results.
Banca Mediolanum has raised its NII guidance for 2023 (at 700 million euros) after beating her forecast for last year, aided by rate hikes and also sees a “significant improvement” in net inflows, Doris said.
“With an average Euribor of 2.65%, we have forecast 700 million – he underlined – It is quite logical a higher NII to 700 million, given that the Euribor will probably be higher than the 265 basis points calculated by us”. “We have a sensitivity on the whole curve whereby 100 upward points correspond to 130 million more NII”, he replied to a question on the topic.
The CEO sees a significant improvement in 2023 net inflows compared to 2022. “We can do 1 billion more collections than in 2022 – he explained – It won’t be easy, but last year we achieved positive results in a very complex environment. For 2023, there is a forecast of an economic slowdown, but also of an increase in interest rates which has already been priced in by the market, and therefore a theoretically more stable situation. I think that we can do significantly better than in 2022, which has already seen extraordinary results. The network is growing and so I expect collection performance to increase accordingly.”
“Of this billion of growth (of deposits, ed) – he specified in another passage – we can say that they are 800 million in Italy and 200 million in Spain“.
On the increase of cost of collection“we have already foreseen this from 15 to 50 basis points and what we are doing with the 4% offer over 6 six months is already included – said the CEO – And we will carry out other initiatives of this type during the year, rather than an increase in the cost of deposits for the most important”.