Results 2011/2012 - Financial Statements for 3Q/9 months ended March 2012 approved

Financial statements for period ended 31 March 2012 approved
Normalized PBT  up 14% to €523m
Funding and liquidity improving
Capital and asset quality preserved
Operations launched in Turkey

• In a still very difficult operating scenario, the Mediobanca Group delivered a positive set of results for the nine months, driven by the recovery in CIB business in the third quarter
  • Revenues were stable at €1,537m (31/3/11: €1,554m), despite the PI contribution halving from €166m to €73m, with banking activities showing top-line growth of 4% Y.o.Y.  (to €1,445m) and 9% Q.o.Q. (to €543m); in further detail:
    • net interest income was still up Y.o.Y. (2%, €813m), although down 5% Q.o.Q. (to €259m), due to the higher cost of CheBanca! funding;
    • fee income up 29% Q.o.Q., to €151m, due to the contribution from CIB; although the Y.o.Y. decline still stands (down 5% to €386m):
    • trading positive: up 32% Y.o.Y. to €245m, and up 22% Q.o.Q. to €133m
  • Operating costs down 3% to €595m, with personnel expenses down 5% Y.o.Y; cost/income ratio 39%
  • Cost of risk under control at 120 bps (31/12/11: 115 bps; 30/6/11: 120 bps)
  • Adjusted PBT up 14% to €523m, €233m of which in the third quarter, the best result since the start of the financial crisis
  • Net profit €105m (vs €419m last year), after €404m (€8m) in adjustments to securities, as follows:
    • €235m on AFS securities, €130m of which on Greek sovereign debt (now at 26% of nominal value)
    • €169m on PI stakes (€55m for RCS in 2Q, €113m for Telco in 3Q)
  • Funding and liquidity increasing
    • Funding: €57bn (30/6/11: €52bn), due to 3Y ECB financing (€7.5bn) and increase in CheBanca! deposits (up from €10bn to €11.5bn, €0.8bn of which in Q3)
    • Liquid financial assets: €23bn (31/12/11:€19bn)
  • Core tier 1 ratio 11.1% (31/12/11: 11.0%)
     
• MB Corporate and Investment Banking presence launched in Turkey, with the opening of an office in Istanbul