Mps: quarterly profit of 521 million euro, above expectations

Mps closed the first quarter of 2026 with a net profit of 521 million euro, slightly higher than the 511 million euro expected by analysts. The result shows progress compared to the €413m recorded in Q1 2025, when Monte was not yet consolidating Mediobanca, but is down on the €692m recorded on a pro-forma basis, assuming the inclusion of Piazzetta Cuccia already in last year's scope.

The profit, a note explained, 'is supported by double-digit growth in operating performance' while, on a pro-forma basis, it 'does not benefit from positive tax effects'. Pre-tax profit rose to EUR 911 million, up 6.7% year-on-year and 15.6% compared to the fourth quarter.

Apart from the last line of the financial statements, which was penalised by the different tax treatment (the group returned to paying taxes on the quarter amounting to €294m, while in 2025 it benefited from the positive effects of DTAs), the quarter showed that operations held up well. Revenues rose to €1.96bn, up 2.9% year-on-year pro-forma and 3% from the previous quarter, driven by net interest income, up 1.9% quarter-on-quarter, and commissions, up 2.8%. The wealth management and advisory component also accelerated, up 7.6%, while net operating income reached 947 million euro, up 3.4% year-on-year pro-forma and 9.5% quarter-on-quarter. On the efficiency front, cost/income fell to 44%, three points lower than the previous quarter, while the cost of risk remained under control at 42 basis points.

"The dynamics of the business are in line with the strategic trajectory outlined in the 2026-2030 business plan, while the integration process with Mediobanca continues, to complete the reorganisation in the group's five business areas and accelerate the creation of value for all stakeholders," the bank explained in the quarterly note.