Alberto Nagel, CEO of Mediobanca
Mediobanca, record results in the first quarter. “Excellent start for the 2023-2024 financial year”
The group Mediobanca continues its growth path, closing the quarter with results at historic high levels: revenues stand at 863 million euros (+14% year on year), net profit is equal to 351 million (+34% year on year), earnings per share rise 34% year on year, and the Rote rises by 14% (two points more year on year). The Rorwa stands at 2.8% (+60 basis points year on year) “in an operating context conditioned by significant geo-political events, restrictive monetary policies and high volatility of financial markets”. The results, the group highlights, “they represent a solid start of the new One Brand-One Culture Plan (which established a revenue target of 3.8 billion, Rote at 15%, Eps at 1.80 euros by June 2026). Revenues benefit from the progress of the divisions (Wealth management +10% to 218 million euros, Cf +4% to 286 million, Insurance +64% to 143 million, Hf almost quadrupled to 80 million). Cib shows a similar trend to the previous two quarters (revenues at 142 million) conditioned by the weakness of the Ib market at a global level but sees a growing profit compared to the previous quarter.
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“The group has made a satisfactory start to the 2023-24 financial year laying solid foundations for the development of the ‘One Brand-One Culture’ Plan initiatives, managing to dynamically and proactively manage an uncertain and challenging operational scenario, obtaining results excellent in terms of growth value-oriented and with low capital absorption”. Alberto states this Nagel, CEO of Mediobanca, commented on the institute’s results. “In the quarter – underlines Nagel – the Group reaches the historic record of quarterly net profit (over 350 million euros), reducing weighted assets by over 1 billion and improving Roto by 2 percentage points (over 14%)”.
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