Net profit came in at 323 million euros, down 3% year-on-year primarily due to higher taxation and non-recurring items, while revenues grew to 939 million euros (+3% YoY, +5% QoQ).
o Return on Tangible Equity (ROTE) reached 13.5% for the quarter.
o The Consumer Finance division saw record disbursements of 2.6 billion euros (+10% YoY), bolstered by increased distribution through the Monte Paschi di Siena network.
o Wealth Management assets under management stood at 113 billion euros (+4% YoY, -2% QoQ).
o Corporate & Investment Banking showed signs of recovery with revenues of 220 million euros (+17% QoQ, -2% YoY).
o The cost-to-income ratio improved to 41% (-5 percentage points QoQ).
o The CET1 capital ratio fell to 15.7% (-75 basis points QoQ) due to the full earnings payout policy.
o Cost of risk stood at 53 basis points, with residual overlays of 158 million euros.
Full press release
(Sara Rossi, editing Gianluca Semeraro)
