Results and presentations

RESULTS AT ALL-TIME HIGH LEVELS
2019-23 BUSINESS PLAN TARGETS OVER-DELIVERED
HIGH REMUNERATION FOR STAKEHOLDERS

GROWTH
Revenues €3.3bn (up 16% YoY ), vs plan target of €3bn
due to strong positioning and business segment diversification
Positive contribution from all revenue streams:
NII up 22% to ~€1,800m (€502m in 4Q)
Fees stable at €844m, high results from both trading and insurance
GOP €1,621m (up 25%), net of cost of risk @52 bps
overlays virtually intact at ~€270m (equivalent to 1Y of LLPs)
Net profit €1,027m (up 13%) and net profit adj. ~€1,200m
not including non-operating items/one-offs totalling ~€190m
EPS €1.21 (up 15%), EPS adj. €1.42 (up 27%)
TBVPS €11.6 (up 9%) – ROTE  13% (up 2pp), RORWA 2.4% (up 40 bps)
CET1 15.9%  (up 30 bps YoY, up 50 bps QoQ)

HIGH STAKEHOLDER REMUNERATION
FY 2022-23: DPS €0.85 (up 13%), payout ratio 70%
FY 2023-24: 70% cash payout and new share buyback  of approx. ~€200m
ESG targets delivered and expanded
 

SOLID POSITIONING AND SIGNIFICANT BUSINESS OPPORTUNITIES

Having successfully delivered the 2019-23 Strategic Plan,
the Group is now focused on executing its new plan for 2023-26:
“One Brand-One Culture”

Growth in Wealth Management (WM) a priority, building a distinctive operator to leverage on the Group’s unique Private & Investment Banking model (PIB)
Positive response to announcement of CheBanca! repositioning and rebranding as Mediobanca Premier, PIB model effective 
Acceleration in recruitment: 76 new FAs/bankers, 2/3 of whom in last 6M
TFAs up 10% to €88bn, revenues up 13% to €821m
Net profit up 21% to €162m (adj. net profit ~€180m)
RORWA up 60 bps to 3.1%

Corporate & Investment Banking (CIB):
Creation of a pan-European, capital-light/fee-driven platform, in synergy with development of WM from a “One Franchise” perspective
RWA optimization launched, focus on growth in capital-light businesses
RWAs down 4% to €19bn, revenues up 11% to €712m, net profit €225m
Partnership with Arma now signed, to be consolidated by end-FY 2023-24
RORWA stable at 1.2%

Consumer Finance (CF): leader in Italy, now also in digital; creation of a resilient and highly profitable multi-channel platform
Revenues up 6% to €1,123m, net profit up 1% to €374m (adj. ~€380m)
RORWA stable at 2.9%

Insurance (INS): contribution stably high and decorrelated vs other businesses
Revenues up 25% to €464m, net profit €440m (adj. net profit ~€415m)
RORWA 3.2%

Holding Functions (HF): ALM functional to the Group’s development and to growth in NII in the changing interest rate scenario