Mediobanca closed the second half of 2016, with a net profit increase of 30% from 321 to 418 million euros, a Rote (Return on tangible equity) of 10% and revenue to all-time highs,” reports the Piazzetta Cuccia, up 6% to 1,072 billion euro. The institute has received a series of applause from the analysts. Banca Imi has spoken of the “solid results”, Banca Akros numbers “strong,” Equita Sim “results are much better expectations at all levels”.
Meanwhile, today, the title is traveling upward at Piazza Affari, while the Ftse Mib has changed to red (-0,56%): alle ore 11:05 earns the 0,77% to 7,815 euro.
operating profit jumped 14%, from 372 to 425 million euros, while the Cagr for three years (compound annual growth rate) was 27%. In the meantime, has dropped the cost of the risk at 102 basis points (-34 bps). The Cet1 capital at the end of 2016 has continued to 12.3%. The results have helped "the positive trend of revenues, cost control and the continuous reduction of the cost of risk in all business lines".
INCOME. Grew 6% to 1,072 billion, the highest recorded by the group. On the rise In the interest margin (+5% to € 636 million) driven by credit to consumption (+13% to € 408 million) which represent 65% of the margin of a small Square Kennel. Net commissions rose by 4% to eur 237 million) to the higher contribution of the segment, Wealth Management (+43% from 63 to 90 million), consolidating the acquisitions of Barclays and Cairn Capital, now produces 40% of the boards of the group.
COSTS. Rose 420m to € 464 million euros “only for the consolidation of new companies acquired”. Meanwhile, write-downs on loans decreased by 18% (from 224 to 184 million) and the cost of the risk is brought to 102 basis points from the previous 136), in line with pre-crisis levels. The bank has judged that a positive trend in the quality of the assets in all the divisions, especially in the Wealth Management Business (the cost of the risk was practically zero) and in consumer credit (down from 351 to 286 basis points). In the increase In the coverage ratio of impaired assets (55%), suffering (69%), performing loans (1.1% for the group, to 2.5% for consumer credit); The Texas ratio (nonperforming assets net) is reduced to 15%.
the ECB. Frankfurt am main has awarded the bank with a coefficient SREP 2016 for the second time reduced compared to the past: a 7% Cet1 ratio (phase-in) and 10.5% for Total capital ratio. “These levels position Mediobanca among the best banks at the european level and are significantly lower than the indexes of capital registered as at 31 December 2016″, reports the note half-year, or Cet11 to 12.3% phased-in, 12.8% and fully phased and Total Capital at 15.7 percent phased-in, or 16.4% of fully-phased.
SECURITIES and capital LOSSES. The securities portfolio includes the gain on Atlantia (eur 110.4 million). The other items relate to (-26,2 million) 50 million of outstanding contribution to the resolution fund for banks (required in the context of the interventions in favour of the Banca delle Marche, Banca Popolare dell Etruria Cassa di Risparmio di Chieti and Cassa di Risparmio di Ferrara) 4.5 million mandatory contribution to fund the deposit protection (DGS) and 29.4 million of non-recurring income related to the allocation of badwill for the acquisition of the Barclays Italy”.
NAGEL. “We had a semester of great satisfaction from the numerical point of view,” said Alberto Nagel, ceo of Mediobanca , on the results of the semester. The manager has emphasized the Rote of the group rose from 8 to 10% (the”industry record”), and revenues (1,072 billion euro, +6%), achieved in the period to the “historical maximum”. For Nagel it is a given that demonstrates how to Mediobanca grow “in a landscape of banking, where revenues fall”.
The manager added that does not see “any signal of disengagement” on Mediobanca nor by Unicredit (l’8,69% of Mediobanca ), or Vincent Bolloreé (5,029%), respectively, the first and second largest shareholder of the Piazzetta Cuccia. In recent times, they discuss the possibility that the Intesa Sanpaolo to acquire the share of Unicredit in Mediobanca to get an audit of General Insurance (Piazzetta Cuccia has 13.4% of the group of trieste). “The capital increase of Unicredit has been brought forward with great incisiveness” from the ceo Jean-Pierre Mustier, and it is “an operation that, in my opinion, will have a positive outcome”, then continued Nagel.
Returning to the General , Mediobanca has to maintain a 10% shareholding in the share capital of the Lion of Trieste, after which will be sold in a package of 3%, as expected by the industrial plan has added Nagel (“Mediobanca will proceed to dispose of 3% of the General by 30 June 2019, and will maintain the 10% remaining”). By specifying that “I consider it appropriate nor useful to add”, with regard to the topic in General , recently come under the scrutiny of Intesa Sanpaolo .
the ANALYSTS. Banca Akros today (rating Neutral, target price of 8.4 euros) has written that the results of the second half of 2016 are strong, with a net profit doubled year-on-year to 148 million euro, compared to the 108 million expected by analysts, thanks to an improved operational performance, better and lower charges for write-downs. The experts conclude, however, that the title will be more motivated by speculation from an M&A on General rather than by the good results of the financial statements.
Also for Kepler Cheuvreux (a rating hold, price target to 8 euros), the interest on the title remains today, catalyzed by the events of the operation (ops) of Intesa Sanpaolo on the General .
Banca Imi confirmed its rating of Buy on the stock and the target price of 8 euro, appreciating the Net Interest Income rose 2.3% quarter-on-quarter and 6.5% year-on-year thanks to the positive evolution of consumer credit”, in addition to the revenue from commissions, an increase of 2.3% year-on-year for the positive contribution of the wealth management.
For Equita Sim (rating Buy; target price to 9,9 euro), the results are much better expectations at all levels”. The analysts write that operating income of 20 million above expectations, thanks to positive surprises. These latest are coming from the 4 million euro of Net Interest Income, by 7 million in the trading and from 15 million in commissions, “which were only partially offset by higher costs”. Equita then adds that the costs, “excluding the impact of assets pursuant to the Barclays, they would be the plates.
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