Mediobanca SpA (WBO:MB)
€ 13.765 -0.26 (-1.85%) Market Cap: 11.41 Bil Enterprise Value: 41.13 Bil PE Ratio: 12.44 PB Ratio: 1.03 GF Score: 76/100
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Q3 2021 Mediobanca Banca di Credito Finanziario SpA Earnings Call Transcript

May 11, 2021 / 01:00PM GMT
Release Date Price: €9.67 (+0.06%)
Operator

Good afternoon, ladies and gentlemen, and welcome to the Mediobanca Third quarter Results 2021. (Operator Instructions) And just to remind you all, this conference call is being recorded.

I would now like to hand over to the CEO, Mr. Alberto Nagel. Please go ahead, sir.

Alberto Nicola Nagel
Mediobanca Banca di Credito Finanziario S.p.A. - CEO & Director

Thank you for joining the call. In commenting the 9-month results, I think it's important to stress the solid operating trend, which reverted into revenue growth of 3%, which was driven by all-time high fees and resilient NII. Fees is now representing 1/3 of the revenue and the 2 drivers are Wealth Management, which was up 5% and CIB, which was up 43%.

The cost of risk stayed at low levels with 51 basis points, but we have managed to increase the NP coverage, which was up 10% -- 10 points to 65%. Cost income in the ratio in the region of 46% despite important upgrade in distribution. And all this reverted in 9% increase in net profit and in 9% ROTE with a core Tier 1 up to 13 -- 16.3%,

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