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FINANCIALS: Mediobanca - Q1 2025 results -  Marginal Positive

FINANCIALS
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Mediobanca (BACRED Baa1/BBB/BBB)

  • On the revenue side Consumer, Wealth did well. CIB did ok. Insurance was previously boosted by one offs, now normalised and treasury income is lower on lower rates. All in all this means total revenue flat vs Q3 '23 at €865m. The positive performing divisions should hopefully have higher revenue stability however. So overall marginally positive.
  • Total NII is €7m lower to €485m. Lower NIM and financing costs vs volume growth
  • The NPL picture looks ok. Stock of NPL's tick up 4% on last quarter due to an 8% increase in consumer finance division. Although bad loans are more heavily driven by wealth, and increased 5%.
  • CET1 15.4%, up 0.2% QoQ. Capital generation added 70bps, RWA reductions in CF and CIB this quarter added a further 10bps. Distributions were -50bps.

Valuation - Bond looks a little tight vs similarly rated peers 

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Mediobanca (BACRED Baa1/BBB/BBB)

  • On the revenue side Consumer, Wealth did well. CIB did ok. Insurance was previously boosted by one offs, now normalised and treasury income is lower on lower rates. All in all this means total revenue flat vs Q3 '23 at €865m. The positive performing divisions should hopefully have higher revenue stability however. So overall marginally positive.
  • Total NII is €7m lower to €485m. Lower NIM and financing costs vs volume growth
  • The NPL picture looks ok. Stock of NPL's tick up 4% on last quarter due to an 8% increase in consumer finance division. Although bad loans are more heavily driven by wealth, and increased 5%.
  • CET1 15.4%, up 0.2% QoQ. Capital generation added 70bps, RWA reductions in CF and CIB this quarter added a further 10bps. Distributions were -50bps.

Valuation - Bond looks a little tight vs similarly rated peers 

Keep reading...Show less