(Finance) – Mediobanca in the first quarter, it recorded a net profit of 351 million, up 34% (from 262.6 million in the same period last year). Revenues amounted to 864 million (from 757 million).
“The group has satisfactorily started the 2023-2024 financial year, laying solid foundations for the development of the initiatives of the ‘One Brand-One Culture’ Plan, managing to dynamically and proactively manage an uncertain and challenging operating scenario, obtaining excellent results in terms of value-oriented, capital-light growth.” It’s the comment of Alberto Nagel, CEO of Mediobanca, to the quarterly. “In the quarter the Group reached historical record of quarterly net profit (over 350 million), reducing weighted assets by over 1 billion and improving the Rote by 2 percentage points (over 14%)”,
The capital base remains high: CET1 index at 15.5%, down 40bps in the quarter (15.9% at June 23) discounting in advance the treasury share purchase plan (€0.2bn, -45bps).
Outlook
“The 2024 financial year, after a first quarter which marks the record of revenues and profits achieved by the Group, is confirmed as solid growth compared to the previous financial year”.