Profits beyond expectations to the highest level since 2008. It is open so the year 2016-2017 Mediobanca, with 270,7 million profits (up 11%) from July to September, the first quarter of the new fiscal year. Highest level in the last 8 years and higher than the consensus of the market equal to 155 million (on the Stock exchange, the shares have closed in the rise of'1,01% 7,01 euro with the offices of studies, from Kepler to Citi, which have revised upwards the target price of up to 7.6 euros with the board of buy). The positive trend of accounts has benefited from the growth in revenues (+4% 526 million), the interest margin (+4% to 314 million) and a reduction in the cost of risk, now at pre-crisis levels (from 141 to 98 basis points), with capital ratios stable (12.1% for the cet1 in the transitional regime, a 12.5% scheme).
“Darwinism bank”
The quarterly report incorporates for 11 million, the contribution of Cairn Capital, in the perimeter from the beginning of 2016, and, Barclays Italy, from 26 August. Among the individual divisions, the highlight is the strong growth of credit to the consumer, with a profit that goes up 65% to € 65 million, the best result ever. “Our — has underlined the chief executive officer of Mediobanca, Alberto Nagel on the sidelines of the assembly that approved the budget 2015-2016 with 605 million profit — is a story of growth. We are subject to darwinism bank. A bank survives if it fits. Mediobanca must continue to reinvent itself in the business of preserving intact its values: ethics, professionalism and transparency”.
November 17, the three-year plan
Nagel also commented on other issues: on Rcs, which publishes the Corriere della Sera), of which Mediobanca has 6.2%, for Nagel the victory of Cairo “is an outcome as positive. We will work with the new property, and if there is going to propose a merger with Cairo we will evaluate, in a constructive spirit”. As to the Mps, is “large, systemic, is the third Italian bank — it was the reasoning of the ceo of Mediobanca, Jp Morgan is advisor to the institute of Siena — and the work done until now makes me be positive: it is very important for Mediobanca, and not only, give a contribution as committed as possible to the Mps”. On General was confirmed in the intention to reduce the fee (from 13,04%) of 3 percentage points, waiting for the courses to correct (yesterday, AM Best has confirmed the rating Fsr of the General, excellent). Finally, the three-year plan of Mediobanca will be presented on 17 November.
October 29, 2016 (change the October 29, 2016 | 09:51)
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