Performance over the last 10 years

Over the last ten years, the group’s revenues doubled with solid growth in the k-light component. Loan book and funding increased significantly and now are more diversified.

The excellent performances over the last 10 years are the result of the process, launched in 2003, of in-depth evolution of Mediobanca, which transformed the group from a holding company to a highly specialised financial operator, with higher focus on k-light activities.
(€M) JUN14 JUN15 JUN16 JUN17 JUN18 JUN19 JUN20 JUN21 JUN22 JUN23
NET INTEREST INCOME 1087 1143 1207 1288 1359 1396 1442 1415 1479 1801
NET TREASURY INCOME 45 207 133 121 157 197 136 197 162 206
NET FEE INCOME 424 472 450 523 622 611 630 745 851 844
EQUITY-ACCOUNTED COMPANIES 264 224 257 264 280 321 304 272 359 454
TOTAL INCOME 1819 2045 2047 2196 2419 2525 2513 2628 2851 3305
OPERATING COSTS -791 -847 -892 -1024 -1115 -1162 -1189 -1238 -1312 -1413
LOAN LOSS PROVISIONS -736 -533 -419 -317 -247 -223 -375 -249 -243 -270
OPERATING PROFIT 292 666 736 855 1057 1140 949 1142 1296 1621
OTHER INCOME (LOSSES) 209 92 1 59 39 -56 -154 -37 -127 -193
PROFIT BEFORE TAX 501 757 736 914 1096 1084 795 1104 1169 1428
NET PROFIT 465 590 605 750 864 823 600 808 907 1027
(€M) JUN.14 JUN.15 JUN.16 JUN.17 JUN.18 JUN.19 JUN.20 JUN.21 JUN.22 JUN.23
NET INTEREST INCOME 1087 1143 1207 1288 1359 1396 1442 1415 1479 1801
NET TREASURY INCOME 45 207 133 121 157 197 136 197 162 206
NET FEE INCOME 424 472 450 523 622 611 630 745 851 844
EQUITY-ACCOUNTED COMPANIES 264 224 257 264 280 321 304 272 359 454
TOTAL INCOME 1819 2045 2047 2196 2419 2525 2513 2628 2851 3305
OPERATING COSTS -791 -847 -892 -1024 -1115 -1162 -1189 -1238 -1312 -1413
LOAN LOSS PROVISIONS -736 -533 -419 -317 -247 -223 -375 -249 -243 -270
OPERATING PROFIT 292 666 736 855 1057 1140 949 1142 1296 1621
OTHER INCOME (LOSSES) 209 92 1 59 39 -56 -154 -37 -127 -193
PROFIT BEFORE TAX 501 757 736 914 1096 1084 795 1104 1169 1428
NET PROFIT 465 590 605 750 864 823 600 808 907 1027

   

0 JUN14 JUN15 JUN16 JUN17 JUN18 JUN19 JUN20 JUN21 JUN22 JUN23
TREASURY, AFS AND HTM 19789 14777 16322 16455 13327 12734 13760 14418 16685 16293
EQUITY INVESTMENTS 2871 3411 3163 3037 3211 3260 3205 3703 3158 3564
LOANS TO CUSTOMERS 30552 32890 34739 38191 41128 44394 46685 48414 51701 52549
FUNDING 45834 42711 46658 49121 46893 51393 54917 56156 61169 60506
SHAREHOLDERS’ EQUITY 7373 8169 8922 9192 9732 9899 9740 11101 10749 11429
RWAS 58744 59577 53862 52709 47363 46310 48030 47159 50378 51432
NO. OF STAFF 3570 3790 4036 4798 4717 4805 4920 4921 5016 5227
CT1 RATIO (%) 11,1 12 12,1 13,3 14,2 14,1 16,1 16,3 15,7 15,9
COST/INCOME RATIO (%) 43 41 44 47 46 46 47 47 46 43
COST OF RISK (BPS) 230 168 124 87 62 52 82 52 48 52
  JUN.14 JUN.15 JUN.16 JUN.17 JUN.18 JUN.19 JUN.20 JUN.21 JUN.22 JUN.23
TREASURY, AFS AND HTM 19789 14777 16322 16455 13327 12734 13760 14418 16685 16293
EQUITY INVESTMENTS 2871 3411 3163 3037 3211 3260 3205 3703 3158 3564
LOANS TO CUSTOMERS 30552 32890 34739 38191 41128 44394 46685 48414 51701 52549
FUNDING 45834 42711 46658 49121 46893 51393 54917 56156 61169 60506
SHAREHOLDERS’ EQUITY 7373 8169 8922 9192 9732 9899 9740 11101 10749 11429
RWAS 58744 59577 53862 52709 47363 46310 48030 47159 50378 51432
NO. OF STAFF 3570 3790 4036 4798 4717 4805 4920 4921 5016 5227
CT1 RATIO (%) 11,1 12 12,1 13,3 14,2 14,1 16,1 16,3 15,7 15,9
COST/INCOME RATIO (%) 43 41 44 47 46 46 47 47 46 43
COST OF RISK (BPS) 230 168 124 87 62 52 82 52 48 52
  • In the last decade we have doubled our revenues to €3.3bn, consistently achieving our targets
  • All business segments have been enlarged, contributing positively to growth and profitability
  • Revenue quality enhanced by broader diversification and growing contribution from capital-light activities
P20 RicaviGruppo EN
  • Since 2016, when Mediobanca effectively entered in the WM business, TFAs have almost tripled (to €88bn) due to MB Private-Investment Banking model adoption, and significant investment in distribution and acquisitions.
P21 EvoluzioneStrutturaPatrimoniale EN
  • In the last 10Y MB loan book increased by ~€20bn to €53bn, becoming more diversified with a higher retail share from 43% to 59% (increased mainly in WM)
  • RWA density reduced from 72% to 56% due to ongoing capital absorption optimization
  • The selective and value-driven approach that has always characterized our loan origination policy allowed to maintain a healthy and best-in-class asset quality, without recurring to any large NPL disposal
P22 ImpieghiPerDivisione EN
  • In the last decade Group funding increased by €10bn to €61bn, backed by solid WM deposits growth whose contribution to Group funding doubled from 23% to 47%
  • Access to bond market has always been wide even during crisis periods, with a mix that has evolved over time in favour of the institutional component
  • Reliance on ECB funding has always been contained, now at 9% of Group funding with a gradual substitution strategy in place that does not affect liquidity indicators
P22 Indici EN
  • Capital generation has enabled solid CET1 ratios, without capital increases
  • Earnings per share increased steadily due to a combination of organic growth, acquisitions and share buybacks
  • Profitability ramped up sustainably, mainly driven by WM
CrescitaUtile EN
  • Shareholder remuneration increased to 60% payout
  • €4bn distributed in last 10Y, €2.2bn of which in last 4Y (reaching the BP23 target)
  • In the last decade tangible book value per share has also increased by >50% to €11.6
RendimentiAzionisti EN

Long-term results

Mediobanca Group
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