Mediobanca: quarterly revenues rise to EUR 938.6m (+3.1%)

Despite the uncertain geopolitical situation and the resurgence of inflationary fears Mediobanca started the year well. In the first quarter, revenues grew 3.1% to €938.6 million with net income of €322.7 million, down 3.4%, but, according to a note issued by the bank, which is now 86.35% owned by Mps, this was "exclusively due to higher taxation and non-recurring items". Rote, return on tangible capital, is 13.5%. The Cet1 regulatory parameter is 15.7%, down 75 basis points from the previous quarter. The cost/income ratio is stable at 41%. CEO Alessandro Melzi d'Eril emphasised that Mediobanca had achieved a 'solid performance, despite the operational and market context characterised by high turbulence and uncertainty' and that the quarter's results 'testify to the discipline maintained in this transitional phase and strengthen the foundations for continuing the integration process with Banca Mps, on which - he assured - we remain fully focused'. On 10 March, the board of directors chaired by Vittorio Grilli approved the merger project by incorporation into the Sienese group, after the Opas last autumn brought Mps to absolute control of Piazzetta Cuccia.

In detail, net interest income stood at 487.5 million, essentially stable compared to 493.1 million in the same period of 2025. Commissions, on the other hand, fell 8.2% year-on-year to €223.3m, reflecting a 6% decline in commissions in corporate and investment banking and an 8.3% decline in wealth management. Compared to the fourth quarter of last year, commissions in the corporate and investment banking division were up 34%, those in wealth management down 11.6%. The contribution of Generali's share, which Mediobanca continues to own, rose 27.1% to €130.1m. Trading income rose to €83.3 million from €54 million in the first quarter of last year.

By line of business, the largest contribution to revenues came from consumer credit, where there was a 5% increase to 334 million. In the first quarter, Compass, in particular, increased the amount disbursed by 10.4% to a record 2.6 billion, with personal loans up 9.3% to 1.3 billion, and a 34.8% increase in the banking channel (from 187 to 251 million), which also reflects the company's entry into the Mps group. The division's overheads fell 1.3% year-on-year to €91.4m, while loan adjustments rose 20.5% to €80.1m, with the cost of risk rising to 187 basis points from 167 basis points previously, a level deemed "normalising", "taking into account the different mix, with coverage remaining high". Net profit stood at 101.1 million, down 4%.

In the corporate and investment banking division, revenues amounted to EUR 220.3m (-2%, but up 17.5% from the last quarter of 2025). Net profit of 71.1 million was down 15.9% year-on-year, but up 59.4% from the last quarter. In the January-March period in the Italian market there was an 83% increase in the volume of deals announced, and Mediobanca, says the note, 'confirmed its position as the advisor of reference in Italia'

In wealth management, revenues dropped 8.3% to 219.3 million, with net profit down 35.5% to 37.6 million. Assets under management, however, increased by 4.5% to EUR 113.1bn, and assets under management rose by 7.4% to EUR 53.1bn. Commenting on the division's performance, Mediobanca explained that "the first quarter reflected the operating and market environment: lower average volumes due to outflows in the quarter and the market correction, together with lower placements of structured products and the absence of performance fees led to a decline in revenues and profit". Net inflows were negative by EUR 1.1 billion. The distribution structure stood at 1341 units, with 'exits of private bankers concentrated in the first weeks of the quarter and gradually stabilising thanks to the implementation of retention actions'.