MDIBF - Mediobanca Banca di Credito Finanziario S.p.A. (MDIBF) Q3 2024 Earnings Call Transcript

2024-05-10 17:51:06 ET

Mediobanca Banca di Credito Finanziario S.p.A. (MDIBF)

Q3 2024 Results Conference Call

May 10, 2024 04:00 AM ET

Company Participants

Alberto Nagel - CEO

Conference Call Participants

Britta Schmidt - Autonomous Research

Luigi De Bellis - Equita SIM

Azzurra Guelfi - Citi

Marco Nicolai - Jefferies

Adele Palama - Mediobanca

Presentation

Alberto Nagel

Good morning to everybody and thank you for joining the call. The results of the last 9 months give us a picture of the group, which is changing quarter-on-quarter and which is coherent with our vision of the 3 year industrial plan, the one that we have called ONE BRAND - ONE CULTURE.

In particular, we have had increase of 9% in revenue associated with a steep decrease in RWA, down 5%. This is led by an increase of results and trend in Wealth Management and Insurance, which are capital lighter, a different management and attention in RWA, in CIB and very strong performance from Consumer Finance.

This was coupled with a reduced risk within the group and an excellent CoR, which is in the region of 50 basis points. And these 2 elements led -- so strong growth with less important capital allocation led to an important increase in profit, roughly €950 million and an important EPS accretion of 20%, ROTE of 13% and very robust capital ratio.

These 2 elements led to a 5% yield by June, basically having our first interim dividend set at EUR0.51 per share to be paid in May, plus the already completed buybacks with -- of €200 million with 17 million shares acquired to be deleted by the end of June. If we stick to the industrial trend of the last 3 months, we can say that they clearly see an increasing and in a stronger trend.

In particular, we have reached €900 million which is one of the highest, if not the highest level of revenue, associated with lower CoR led to a steep increase in profit compared to a year ago and to a quarter -- to the last quarter. If we look at the single business, we have had a quarter where Mediobanca Premier was very well received by clients and bankers with very important new intake of professional....

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