MEDIOBANCA S.P.A. MEDIOBANCA
12M RESULTS
AS AT 30 JUNE 2021
Milan, 29 July 2021
Agenda
Section 1. Executive summary
Section 2. FY21/4Q21 Group results
Section 3. FY21/4Q21 Divisional results
Section 4. Closing remarks
Annexes
- Macro scenario
- Corporate lending portfolio
- Divisional tables
"V-SHAPE" RECOVERY IN GOP AFTER COVID
GROWTH DELIVERED
DISTRIBUTION POLICY RESUMED
Business model resilience and diversification
with no compromise on growth initiatives and asset quality,
paved the way for a record year in terms of revenues and "V- shape" recovery in profitability
Revenues at all time high level €2.6bn (up 5% YoY) driven by increased WM size & profitability, robust CIB activity
offsetting Consumer Banking slowdown due to lockdowns
Record fees (€745m, up 18%) and resilient NII (€1.4bn)
Material decrease in cost of risk, stabilized at 52bps (down 30bps vs. 82bps FY20)
Strong GOP risk adjusted (€1.1bn, up 20%), back to 2019 pre-Covid level
Net profit up 35% to €808m, EPS up 34% to €0.91
High profitability (ROTE @ 9%) on healthy capital ratio (CET1¹ phase in @16.3%, FL@15.1%) and growing shareholders' funds (TBVPS up 10% to ~€11)
Shareholders' remuneration resumed²: DPS at €0.66
70% cash pay-out accrued, cancellation of up to 22.6m treasury shares already owned and new buyback3 (up to 3%)
M&A in WM ongoing
Bybrook acquired, active scouting
1) | CET1 Phase-in. CET1 FL @15.1% (without Danish Compromise 110 bps and with IFRS 9 fully phased 13bps) | |
3 | 2) | Subject to ECB authorisation |
3) | Buyback purpose: cancellation, performance shares and M&A. |
FY21 RESULTS: ALL-TIME HIGH REVENUES (€2.6bn) AND FEES (€0.7bn)
NET PROFIT UP 35% TO €808m
Executive summary
Mediobanca Group - FY21 results as at June21
Revenues | Fees | CoR | Net profit |
€2,628m | €745m | 52 bps | €808m |
+5% YoY | +18% YoY | -30bps YoY | +35% YoY |
WM: ROAC@21%
Growth in TFAs (up 12% to €71bn), revenues (up 7% to €627m) and
profitability: net profit up 25% to €100m, ROAC up to 21%
Brand positioning/product offering/ distribution upgrade ongoing
M&A delivery with Bybrook
CB: ROAC@27%
Despite new business/revenues slowdown due to lockdowns
Consumer Credit remains a large (revenues >€1bn, net profit ~€300m)
and highly profitable business (ROAC 27%) due to strong market
positioning and excellent asset quality management
Section 1 | |||
Mediobanca Group - FY21 results as at June21 | |||
Gross NPL/Ls | ROTE adj | CET1 ratio | EPS |
3.2% | 9% | 16.3%1 | €0.91 |
Mar21: 3.4% | +5bps QoQ | ||
-1pp YoY | +34% YoY | ||
June20: 4.1% | +20bps YoY | ||
Wealth Management - FY21 results as at June21 | |||
Revenues | Net profit | TFAs | ROAC |
€627m | €100m | €71bn | 21% |
+12% YoY | |||
+7% YoY | +25% YoY | +2pp YoY | |
+3% QoQ | |||
Consumer Banking - FY21 results as at June21 | |||
Revenues | Net profit | CoR | ROAC |
€1,002m | €279m | 198 bps | 27% |
-6% YoY | -6% YoY | -49bps YoY | -4pp YoY |
CIB: ROAC@16%
Record revenues (up 21% to ~€700m) driven by large-midsize deals in
M&A/ECM and strong origination in midcap/sponsors
Asset quality confirmed as superior
Net profit up 57% to €285m
Corporate & Inv.Banking - FY21 results as at June21
Revenues | Net profit | CoR | ROAC |
€698m | €285m | (21 bps) | 16% |
+21% YoY | +57% YoY | -32bps YoY | +3pp YoY |
4 | 1) CET1 Phase-in. CET1 FL @15.1% (without Danish Compromise 110 bps and with IFRS 9 fully phased 13bps) |
STRONG 4Q RESULTS: €665M REVENUES, €204M NET PROFIT
Executive summary
Group: strong quarter
Second highest quarter in the last 12M for revenues (at €665m) and net
profit (at €204m) due to business diversification and recovery of PI contribution (from €61m to €111m) and despite seasonality in costs
Asset quality, COR and capital at best-ever levels
WM: steady performance
Another solid quarter, with revenues keeping their positive trajectory
Over €1bn NNM, entirely from AUM/AUA (up 5% to 46bn)
Ongoing investments in distribution, with salesforce up 22 to 1,083
CB: bottoming out
Ongoing new loans recovery: €1.9bn close to pre-Covid level
Loan book back to growth
Superior asset quality: CoR kept <200bps, with high overlays set aside
and the highest level of coverage ratios
CIB: consolidating at high level
Revenues above historical averages on sound fee contribution
Asset quality confirmed excellent: negligible ECL and high overlays set
aside
Section 1 | |||||
Mediobanca Group - 4Q results as at June21 | |||||
Revenues | Cost/income | CoR | Net profit | ||
€665m | 50% | 56 bps | €204m | ||
Flat QoQ | +3pp QoQ | +3bps QoQ | +5%QoQ | ||
+10% YoY | +1pp YoY | -85bps YoY | 4X YoY | ||
Wealth Management - 4Q results as at June21 | |||||
Revenues | Net profit | NNM | Salespeople (#) | ||
€163m | €26m | €1.1mld | 1,083 | ||
+1% QoQ | -3% QoQ | +1% QoQ | +22 QoQ | ||
+17% YoY | +88% YoY | -18% YoY | +81 YoY | ||
Consumer Banking - 4Q results as at June21 | |||||
Revenues | Net profit | CoR | New loans | ||
€238m | €63m | 183 bps | €1.9bn | ||
-4% QoQ | -19% QoQ | +9bps QoQ | +14% QoQ | ||
-10% YoY | +30% YoY | -178bps YoY | 2X YoY | ||
Corporate & Inv.Banking - 4Q results as at June21 | |||||
Revenues | Fees | CoR | Net profit | ||
€161m | €69m | 5 bps | €53m | ||
-7% QoQ | -11% QoQ | +2bps QoQ | -13% QoQ | ||
+16% YoY | +33% YoY | -65bps YoY | 2X YoY | ||
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Mediobanca S.p.A. published this content on 29 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 July 2021 10:26:11 UTC.
