Mediobanca Banca di Credito Finanziario S.p.A. (MDIBF) Q3 2025 Earnings Call Transcript

2025-05-09 18:15:28 ET

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

Q3 2025 Results Conference Call

May 09, 2025 04:00 AM ET

Company Participants

Alberto Nagel - Chief Executive Officer

Conference Call Participants

Giovanni Razzoli - Deutsche Bank

Luigi De Bellis - Equita SIM

Britta Schmidt - Autonomous Research

Presentation

Alberto Nagel

Thank you for joining the call. The first 9 months of the bank showed and confirmed a steady growth trajectory in terms of revenue up 5%, profit as well and ROTE on the level of 14%. We have had quite a strong commercial activity in all businesses, starting from Wealth Management, we have recorded €7 billion of net new money, which is up 42% compared to last year. In CIB, we have had a rebound in new loan production of €1 billion, up 8% year-on-year. And we have had quite a strong new loans in Consumer Finance, reached the level of €6.7 billion, up 9% in 9 months.

This reverted into an increase in revenues, as I said, of 5% where we had even a slight growth NII, double-digit fee jump with 24%. Lower CoR, this is basically on a better trajectory at industry level and high capital generation. This is 55 basis points driven by CIB and Consumer Finance, where we have had the -- starting from January new LGD and hence, we have released some capital. This reverted also in high remuneration with the interim dividend at 0.60% -- €0.66 per share. And this is, of course, 70% of net profit at half year, and we have completed almost 70% of our share buyback.

We have seen also a solid progression in the last 3 months, in particular, this very high Q2 in particular, in CIB, where we had the closing or some very important transaction. Notwithstanding this, we have a quite high level of fees also in Q3. This was supported by 6% increase in Wealth Management year-on-year, 17% year-on-year, down 16% compared to last quarter in CIB. Consumer Finance steady growing even compared to last quarter and insurance had an increase compared to last year, and it was down compared to Q-on-Q. NII, as I said, was flattish, slightly improving....

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