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Mediobanca; Results Credit-Neutral, Good IB Revenues

FINANCIALS

Mediobanca (MB IM), the Italian boutique bank, has posted 2Q24 (6M to Dec-23) results broadly in line with consensus. This doesn’t appear a credit mover though good IB revenues may give some comfort around Barclays’ results (20-Feb).


  • Revenues were 3% lower but (also) 3% above consensus (driven by the investment bank), costs were up 6% but a good drop in credit losses (56bp from 70bp a year ago) meant PBT was only 3% lower. Net profit was 11% lower y/y but broadly in line with consensus. Net new money with EUR4.2bn, 25% growth in assets (annualised).On
  • In credit terms, CET1 was 15.3% (from 15.5% at Sep-23) and total capital was 17.4%. NPLs dropped to 2.4% (from 2.6% at Sep-23) including a drop in the key consumer finance business.
  • The outlook statement appears as expected, perhaps 1pp stronger than consensus on revenues and the 70% payout ratio is broadly in line. As the last of the major Italian banks to report, there are few laterals but the positive IB performance is a minor positive for Barclays (BARC LN).

Conf call is 0900 London time at https://edge.media-server.com/mmc/p/tva37jip/

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