Mediolanum: net profit drops to 114 million, Cet 1 to 21%

Irpef and boarding taxes, aid to capitals in crisis (ANSA)

(ANSA) – MILAN, MAY 10 – The Mediolanum group closed the first quarter of the year with a net profit down from 133.37 to 114 million euros. Assets under administration amounted to 106.1 billion, an increase of 9% compared to the same previous period but down 2% compared to the end of 2021, while loans to customers reached 14.8 billion, with an increase 3% compared to 31 December and 18% year on year. The Cet1 capital ratio remained flat at 21%.

The “growing tension that resulted in the conflict in Ukraine and the consequent international crisis, the resolution of which I hope will take place as soon as possible,” weighed on the first quarter of Mediolanum. This was stated by the managing director Massimo Doris, underlining that, however, the Group has managed to achieve “excellent results” which “are the demonstration of Banca Mediolanum’s ability and working method to produce value even in complex contexts such as the current one”. “The results – explains Doris – show us that the direction taken is the correct one”. “The work of diversifying revenues, in line with the customer advisory strategy – concludes the Banker – is showing great strength, with the main sources of revenue growing and with an excellent trend in deposits”.

The operating margin of the Mediolanum group increased in the quarter by 13% to 142 million, while net inflows in managed products mitigated the decline in assets due to the trend and supported recurring commissions, which rose by 9% to 371.9 million. The increase in the interest margin, which reached 70.4 million, is identical. The incidence of net impaired loans on total loans was limited to 0.71%, and extraordinary items for grants and guarantee funds increased from 4 to 411 million. (HANDLE).

Source: Ansa

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