Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — FY2019 Earnings Presentation
71 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Jul 31, 2019
Slide 1: Mediobanca FY19 results as at 30 June 2019
Mediobanca FY19 results as at 30 June 2019 Growth and Sustainability The Mediobanca Group DNA Milan, 31July 2019
Slide 2: Agenda
Agenda 1. FY19 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Quarterly segmental reporting tables 2. Glossary
Slide 3: FY19: best results in last decade
FY19: best results in last decade FY19 – Executive summary Section 1 Best-ever results in last 10Y achieved in terms of revenues, GOP, ROTE and CET1 despite govies spread and business environment weakened momentum Growth in revenues (up 4% to €2.5bn) driven by strong commercial target Growth in NII
Slide 4: 3Y Business Plan 2016/19 target delivered
3Y Business Plan 2016/19 target delivered FY19 – Executive summary Section 1 Playing our three-year strategic roadmap and despite the low growth/yield environment we have significantly enlarged and reshaped the Group Leveraging distribution and asset growth organically and trough M&A, WM sales force
Slide 5: Playing our strategic roadmap…
Playing our strategic roadmap… 3Y BP16-19 actions KPIs Affluent - Barclays integrated; distribution empowered (both Franchise empowered FAs and proprietary network); digital leadership preserved Customer base up 50% to over 880K Private Banking - MBPB: Esperia merged, bankers’ team Sale force triple
Slide 6: …with a comprehensive ESG approach…
…with a comprehensive ESG approach… FY19 – Executive summary Section 1 Moving toward best practice on the back of major last 3Y changes … … and next BP goals … following signing of new consultation agreement between MB shareholders MB free float GOVERNANCE with no provision for commitments either in
Slide 7: …we increased revenues leveraging our specialized multi-finance DNA…
…we increased revenues leveraging our specialized multi-finance DNA… FY19 – Executive summary Section 1 Group revenues trend by source (€m) Group revenues trend by division (€m) 3Y CAGR +7% +4% 2,525 3Y CAGR 2,525 3Y CAGR 2,419 2,419 2,196 2,196 321 +8% 2,047 332 +5% 2,047 280 295 264 157 197 +14% 2
Slide 8: …we increased K-light Fee pool through organic growth and M&A…
…we increased K-light Fee pool through organic growth and M&A… FY19 – Executive summary Section 1 Fee income trend (€m and CAGR %) Fee income by segment (€m, % contribution to total) K-light fees¹ 50% 60% M&A 611 Cairn B.Esperia RAM Messier Maris² 622 Barclays 3Y CAGR 523 622 611 523 472 +1% 450 20%
Slide 9: …we preserved long-term NII growth despite still negative yield scenario…
…we preserved long-term NII growth despite still negative yield scenario… FY19 – Executive summary Section 1 Group NII (€m) and loan book trend (€bn) NII growth by business segment (€m) 1600 1,396 100 1400 1,359 1,396 3Y CAGR 1,028 1200 1,288 80 3Y CAGR +5% 1,207 273 -3% 1000 293 266 6Y CAGR +5% 60
Slide 10: …we reached over €1.1bn of GOP with positive contribution by all divisions…
…we reached over €1.1bn of GOP with positive contribution by all divisions… FY19 – Executive summary Section 1 MB Group operating profit by division (€m, 3Y CAGR %) 3Y CAGR +16% +6% 4% 49 +27% 1,140 43 251 +27% 52 736 GOP risk adj. Wealth Consumer Corporate & Principal HF GOP risk adj. FY16 Manageme
Slide 11: …we reduced capital consumption while enhancing business positioning…
…we reduced capital consumption while enhancing business positioning… FY19 – Executive summary Section 1 3Y RWA trend (€bn) 77% 59% 64% 3YCAGR -5% 53.9 49 4.3 46.3 6.8 3.4 3.5 2.2 (6.5) +1.5 (1.2) (3.7) +2.2 5.6 11.2 12.3 4.4 12.6 5.9 (>10bn) 4.5 RWA optimization 27.2 25.1 20.1 FY16 AIRB Other RWA B
Slide 12: …we fostered capital generation to sustain business growth…
…we fostered capital generation to sustain business growth… FY19 – Executive summary Section 1 CET1 trend by sources (% and bps, phase-in) +335bps (85bps) (115bps) (210bps) 14.1% +450bps (65bps) 12.1% (110bps) +200bps Capital Business Shareholders generation growth remuneration +785bps -200bps -275b
Slide 13: …and improve shareholders’ remuneration
…and improve shareholders’ remuneration FY19 – Executive summary Section 1 D 3YCAGR € FY16 FY17 FY18 FY19 FY19/FY18 Cumulated D EPS 0.69 0.85 0.97 0.93 -5% +10% EPS adj. 0.67 0.76 0.90 0.97 +8% +13% DPS 0.27 0.37 0.47 0.47 - +20% TBVPS 9.4 9.3 9.6 9.6 - +1% ROTE 7.4% 9.2% 10.3% 9.7% -0.6pp +2.3pp RO
Slide 14: BP19 strategic goals delivered at Group level…
BP19 strategic goals delivered at Group level… GOP growth …due to healthy cost of risk trend Banking ROAC doubled, exceeding target… beating target €bn 3YCAGR +16% +11% -63bps -10bps 15% 1.1 12% 1.0 115 105 7% 0.7 52 June 16 June 19 June 19T June 16 June 19 June 19T June 16 June 19 June 19T
Slide 15: … as well as by business divisions
… as well as by business divisions FY19 – Executive summary Section 1 GOP (€m, CAGR%) AUM/AUA (€bn, CAGR%) Cost of risk (bps) ROAC 1 20% 29 Wealth +31% 39.0 44.8 16% 20 Management 140 11 +27% 102 9% (WM) 17.4 49 FY16 FY19 BP19T (2) FY16 FY19 BP19T (2) FY16 FY19 BP19T (2) FY16 FY19 BP19T (2)
Slide 16: MB has solid positioning in EU by revenue growth…
MB has solid positioning in EU by revenue growth… FY19 – Executive summary Section 1 In last 3Y MB top performer in Europe by revenue growth1 (3Y CAGR: +7%), both in … Revenues 3Y growth (%) +7% MB Peer1 Peer2 Peer3 Peer4 Peer1 Peer2 Peer3 Peer1 Peer2 Peer3 Peer4 Peer5 Peer1 Peer2 Peer1 Peer2 Peer1
Slide 17: …profitability and shareholders’ remuneration…
…profitability and shareholders’ remuneration… FY19 – Executive summary Section 1 MB among best in class by profitability (ROTE1 at 10%) and capital ratio1 (CET1>14%) Totale(dividend yield 7% including buy-back). enabling satisfactory shareholders’ remuneration ROTE 10% MB Peer3 Peer2 Peer4 Peer1 Pe
Slide 18: …reflected in a strong market out-performance
…reflected in a strong market out-performance FY19 – Executive summary Section 1 Mediobanca last 3Y market performance vs ITA and EU banks (from BP 16/19 announcement to today) € 11 10 MB total return = +54% MB = +34% FTSE MIB30 = +32% 9 8 7 ITA banks = 0% 6 EU banks = -16% 5 Nov-16 Mar-17 Jul-17 No
Slide 19: Agenda
Agenda 1. FY19 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Quarterly segmental reporting tables 2. Glossary
Slide 20: GOP up 8% driven by almost all divisions
GOP up 8% driven by almost all divisions FY19 – Group performance Section 2 MB Group operating profit by division (FY19, €m) +8% +13% 10 37 1,140 +5% +9% 26 9 1,057 GOP risk adj. Wealth Consumer Corporate & Principal HF GOP risk adj. FY18 Management Banking Investment Banking Investing & other FY19
Slide 21: Long-term growth continuing: NII up 3% driven by solid volume growth
Long-term growth continuing: NII up 3% driven by solid volume growth (up 8% YoY)… FY19 – Group performance Section 2 NII by division (€m) Loans by division (€bn) 357 Wholesale Banking Specialty Finance +3% 346 349 344 +11% YoY +8% YoY 1,359 1,396 14.8 15.0 15.6 2.6 14.0 2.1 2.3 2.3 266 273 1Q19 2Q19
Slide 22: …and Cost of Funding under control
…and Cost of Funding under control 1Q20 Funding plan already complete at lower cost FY19 – Group performance Section 2 Funding stock breakdown (€bn) Avg. cost of funding trend (bps vs Eur3M) +5% YoY 155 52.0 51.4 145 48.9 -1% 5.9 130 QoQ 6.1 6.3 4.3 4.3 100 4.3 90 19.2 80 18.5 19.2 80 60 60 19.1 22.
Slide 23: Fees slowed temporarily due to soft CapMkt activity…
Fees slowed temporarily due to soft CapMkt activity… WM the main contributor to group fee income FY19 – Group performance Section 2 Group fees by business (12M, €m) CIB fees by product (€m) 254 FY18: 622 228 FY19: 611 51 43 Lending 47 49 Specialty fin 91 48 Capmkt(1) 75 63 66 57 52 53 63 88 Advisory
Slide 24: …still not reflecting NNM (€5bn) and TFAs growth…
…still not reflecting NNM (€5bn) and TFAs growth… FY19 – Group performance Section 2 Group TFAs trend (€bn) +6% +6% 5.0 67.9 4.7 63.9 59.9 (1.0) (0.7) Affluent +2.2 Affluent +2.6 39.0 30.0 PB/AM +2.5 37.1 PB/AM +2.4 12.1 6.5 Deposits +1.4 7.6 Deposits +3.4 AUM/AUA +3.3 AUM/AUA +1.7 19.1 AUC -0.1 22.
Slide 25: …and distribution empowerment in CIB & WM
…and distribution empowerment in CIB & WM FY19 – Group performance Section 2 CORPORATE & INVESTMENT BANKING WEALTH MANAGEMENT Corporate Finance headcount Relationship Managers Financial Advisors 125 127 130 335 DIGITAL PLATFORM ~140 107 90 416 445 226 322 26 170 65 0 FY18 FY19 FY16 FY17 FY18 FY19 FY
Slide 26: Distribution enhancement and regulation driving costs at flat C/I ratio
Distribution enhancement and regulation driving costs at flat C/I ratio FY19 – Group performance Section 2 MB Group cost base (€m) Costs by divisions (€m) 46% 46% 1,162 1,115 +4% 165 157 14 16 16 1,162 1,115 417 434 +4% 558 582 285 294 +3% 557 580 256 +5% 269 FY18 M&A Business IT/ FY19 FY18 FY19 exp
Slide 27: Sound asset quality, CoR reduced
Sound asset quality, CoR reduced FY19 – Group performance Section 2 Cost of risk by division (bps) Net NPL (“deteriorate”, €m) and coverage (%) 199 57% 54% 55% 55% 185 1,200 3Y CAGR -5% 53% 1,000 193 43% 800 946 941 -4% 33% 62 600 842 806 52 400 23% June16 June17 June18 June19 56 Net NPLs NPLs cover
Slide 28: Superior asset quality improved further
Superior asset quality improved further with net bad loans down 44% YoY FY19 – Group performance Section 2 Net NPLs Net Bad loans Coverage As % of loans (“deteriorate”) (“sofferenze”) 80% 73% 2.1% Mediobanca -4% 1.8% 842 806 57% 55% Group 141 -44% 80 0.3% 0.2% June18 June19 June18 June19 June18 June
Slide 29: CET1 Above 14%. Created capital fully invested in business growth
CET1 Above 14%. Created capital fully invested in business growth & shareholders’ remuneration FY19 – Group performance Section 2 Group CET1 ratio trend (% and bps) +40bps (25bps) (15bps) 14.2% (90bps) 14.1% (65bps) +180bps (35bps) 4.3% of MB capital³ FY18 Net earnings AIRB Business M&A Dividend Buy
Slide 30: Agenda
Agenda 1. FY19 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Quarterly segmental reporting tables 2. Glossary
Slide 31: ROTE@10% - All divisions with double digit ROAC
ROTE@10% - All divisions with double digit ROAC FY19 – Divisional results Section 3 Revenues GOP PBT ROAC1 +4% +8% -1% ROTE 10% Mediobanca 2,419 2,525 1,140 10% ROTE adj. 1,057 1,096 1,084 Group FY18 FY19 FY18 FY19 FY18 FY19 FY18 FY19 +4% 16% +9% +9% Wealth 13% 547 Management 526 93 102 94 102 (WM)
Slide 32: Wealth Management
WEALTH MANAGEMENT * ie MEDIOBANCA
Slide 33: Division scaling up in size and profitability
Division scaling up in size and profitability Gop doubled in 3Y, ROAC@16% FY19 - Divisional results - WM Section 3 Revenues by segment (€m) Revenues by source (€m) GOP and ROAC (€m, %) 20% 16% 2 3YCAGR +18% 13% ROAC 15% 9% 10% 1 10% +4% 547 +4% 547 1 526 526 5% 3YCAGR +27% +7% 250 460 +9% 281 460 23
Slide 34: Building a really omni-channel wealth manager...
Building a really omni-channel wealth manager... Sales force of over 900 now at work (+18% YoY, tripled in 3Y) FY19 – Divisional results Section 3 Fintech Robo advisory buy and customize best Digital & applications for banking, Platform Robo for advisory saving & investing to increase productivity a
Slide 35: … with strong results in asset gathering
… with strong results in asset gathering ~€39bn AUM (3YCAGR +31%) & €22bn Deposits (3y CAGR +17%) FY19 – Divisional results Section 3 TFAs up to €25.4bn (up 12% YoY) with AUM/AUA up AUM/AUA (€bn) 23% to €10.3bn. Deposits up 6% to €15bn. 3YCAGR +31% Wealth advisors’ network upgrade with Affluent-Prem
Slide 36: €5bn NNM in FY19 (up 6% YoY)
€5bn NNM in FY19 (up 6% YoY) liquidity nonetheless taking the lion’s share FY19 – Divisional results Section 3 Group TFAs NNM by customer segment (€bn) Group TFAs NNM by product (€bn) 5.0 4.7 4.7 5.0 0.9 2.6 1.4 2.2 1.7 3.4 2.2 0.2 1.5 2.2 1.5 1.7 0.6 1.3 3.3 2.7 0.4 0.6 1.6 1.6 (0.4) 1.5 1.7 1.4 0.
Slide 37: Consumer Banking
CONSUMER BANKING ° ie MEDIOBANCA
Slide 38: All time high revenues (>€1bn), net profit (€336m), ROAC (30%)…
All time high revenues (>€1bn), net profit (€336m) , ROAC (30%)… FY19 – Divisional results – Consumer Section 3 Revenues up over 1bn (or 41% of Group revenues)... … with efficient and productive organization … €m 3Y CAGR +6% 32% 10 31% 9.3 31% C/I ratio (%) 8.8 30% 9 1100 996 +3% 1,027 873 936 30% 2
Slide 39: … sustained by solid growth and market positioning…
… sustained by solid growth and market positioning… FY19 - Divisional results - Consumer Section 3 Compass loan book trend (€bn, %) Stable market share: one of the top 3 Italian operators Compass market shares 2018 consumer credit market ranking1 3YCAGR +6% (new business, €bn) 11.7% 12.0% 11.5% UCI
Slide 40: … achieved by Compass’s integrated distribution platform
… achieved by Compass’s integrated distribution platform FY19 – Divisional results - Consumer Section 3 Compass new loans by product (€bn) Personal loans new business by channel (€m) Direct distribution Banks +5% 7.4 7.0 +2% 1.1 1.0 1.8 2.0 1.5 1.7 1.4 1.4 1.4 1.3 3.7 +2% 3.8 FY16 FY17 FY18 FY19 FY1
Slide 41: Corporate & Investment Banking
Corporate & Investment Banking 41
Slide 42: CIB ROAC @ 15% on wider diversification and strong risk control
CIB ROAC @ 15% on wider diversification and strong risk/cost/capital consumption control FY19 – Divisional results - CIB Section 3 Revenues resilient in tough scenario for CIB activity due … and geography, recently further strengthened with to effective diversification by product… MMA partnership: t
Slide 43: CIB Revenues resilient due to effective diversification
CIB Revenues resilient due to effective diversification mix improved, higher contribution of K-light activities FY19 - Divisional results - CIB Section 3 CIB revenues trend and mix (€m) FY18 FY19 Revenues resilient at €627m Lending Improved mix Lending 36% 33% Advisory Advisory Investment banking at
Slide 44: Investment Banking: stronger presence
Investment Banking: stronger presence based on new leadership/organization (MMA partnership) FY19 – Divisional results- CIB Section 3 Selected M&A Large Corp Transactions since July 2018 M&A Italy – Announced deals (Year to date)1 Pending June 2019 December 2018 October 2018 July 2018 % market share
Slide 45: Specialty finance: intense activity, material growth
Specialty finance: intense activity, material growth revenues up 15% to ~€130m, earning up 25% to €39m FY19 – Divisional results - CIB Section 3 KPIs Specialty Finance loan book trend (€m) 3YCAGR +38% Specialty Finance: significant contributor to CIB well diversified-growing revenues: ~€130m, up 15%
Slide 46: Principal Investing
PRINCIPAL INVESTING ‘ ie MEDIOBANCA
Slide 47: Investments stable - ROAC @15% without One-offs
Investments stable - ROAC @15% without One-offs FY19 – Divisional results - PI Section 3 KPIs (€m) Main equity investments (€m) PI - €m June18 June19 D % stake Book Value Book Value Company (€m) Jun-19 Jun-19 Jun-16 Revenues 295 332 +13% Ass.Generali 12.9% 3,219 3,092 Gain from disposals/ 95 (3) n.m
Slide 48: Holding Functions
HOLDING FUNCTIONS 4 MEDIOBANCA oar
Slide 49: Optimization and economies of scale
Optimization and economies of scale FY19 – Divisional results - HF Section 3 RWA trend (€bn) Cost trend (€m) Net loss trend (€m) 3YCAGR -6% HF net losses/ 32% Group net profit adj. 4.3 20% 19% 4.0 189 -13% 3.5 103 55 2.1 49 1.9 1.7 26 27 29 168 133 147 151 159 2.1 2.1 1.8 FY16 FY18 FY19 FY16 FY18 FY
Slide 50: Comfortable funding and liquidity position
comfortable funding and liquidity position FY19 – Divisional results - HF Section 3 KPIS Key funding issuances since June18 Issue date Bond type Size (€m) Spread at issue Investor Effective access to funding markets through a widened mix of channels/products/geographies; Jul-18 Covered 750 1) MS+70b
Slide 51: MREL needs fully addressed: sizeable surplus
MREL needs fully addressed: sizeable surplus FY19 – Divisional results - HF Section 3 MB MREL eligible liabilities vs requirement (%RWA) MREL requirements on RWAs: MB vs European banks1 40.9% RWA (€19bn) Deposits³: 3.0% Surplus Senior bonds: 18.5% 27.3%28.0% 28.0% 29.0% 29.3% 25.9% Avg. 25.9% 24.4%
Slide 52: Agenda
Agenda 1. FY19 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Quarterly segmental reporting tables 2. Glossary
Slide 53: Closing remarks
Closing remarks FY19 – Closing remarks Section 4 FY19: best-ever revenues (@€2.5bn), GOP (@€1.1bn), CET1 (@14.1%1), ROTE (@10.2%) and pay-out (@50%) delivered, with no compromise on risk profile, despite macro and business environment deterioration In last 3Y we have significantly enlarged and resha
Slide 54: What’s next: consistency in MB accretive value cycle
What’s next: consistency in MB accretive value cycle Closing remarks – What’s next Section 4 Strong positioning SPECIALIZED MULTIFINANCE DNA Mediobanca focused on high-margin, specialized, long-standing growing businesses Shareholders’ remuneration Solidity MEDIOBANCA YIELD > 7% STRONG K GENERATION
Slide 55: Mediobanca FY19 results as at 30 June 2019
Mediobanca FY19 results as at 30 June 2019 Growth and Sustainability The Mediobanca Group DNA Milan, 31July 2019
Slide 56: Quarterly segmental reporting tables
Quarterly segmental reporting tables Annex 1 56
Slide 57: Group P&L account
Group P&L account FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 2,525 2,419 +4% 641 607 639 638 619 Net interest income 1,396 1,359 +3% 349 346 357 344 345 Fee income 611 622 -2% 150 149 158 155 166 Net treasury income 197 157 +
Slide 58: Group A&L
Group A&L FY19 results – Quarterly segmental reporting tables Annex 1 D D €bn June19 Mar19 Dec18 Sept18 June18 QoQ1 YoY1 Funding 51.4 52.0 50.8 49.6 48.9 -1% +5% Bonds 18.5 19.2 19.2 18.6 19.2 -4% -3% Direct deposits (retail&PB) 22.4 22.6 21.2 20.8 19.1 -1% +18% ECB 4.3 4.3 4.3 4.3 4.3 - - Others 6.
Slide 59: Wealth Management results
Wealth Management results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 547 526 +4% 138 137 137 136 142 Net interest income 260 255 +2% 66 66 64 64 66 Fee income 281 259 +9% 71 69 71 70 73 Net treasury income 6 12 -49% 1 2 2 2 3
Slide 60: CheBanca! Results (Affluent & Premier)
CheBanca! Results (Affluent & Premier) FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 297 293 +2% 77 74 74 72 76 Net interest income 211 212 -1% 53 53 52 53 53 Fee income 86 80 +8% 23 21 22 19 23 Total costs (236) (235) - (62) (5
Slide 61: Private Banking results
Private Banking results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 250 234 +7% 61 63 63 64 65 Net interest income 50 43 +15% 13 13 12 12 12 Fee income 195 179 +9% 48 49 49 50 51 Net treasury income 5 11 -52% 1 1 2 2 3 Total c
Slide 62: Consumer banking: Compass results
Consumer banking: Compass results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 1,027 996 +3% 257 257 256 257 252 Net interest income 899 869 +3% 224 224 227 223 218 Fee income 128 127 +1% 33 32 29 34 34 Total costs (294) (285)
Slide 63: CIB results
CIB results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 627 631 -1% 149 145 174 159 150 Net interest income 273 266 +2% 68 66 70 69 66 Fee income 228 254 -11% 53 52 66 57 63 Net treasury income 127 111 +15% 28 27 38 34 20 Tota
Slide 64: WB results
WB results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 495 516 -4% 119 111 138 127 119 Net interest income 190 199 -4% 47 44 50 48 47 Fee income 179 207 -14% 43 41 50 45 53 Net treasury income 127 111 +15% 29 26 38 34 20 Total
Slide 65: Specialty Finance results
Specialty Finance results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 132 115 +15% 30 34 36 32 30 Net interest income 83 68 +23% 21 22 20 20 20 Fee income and other income 49 47 +4% 10 12 16 12 11 Total costs (49) (44) +13% (1
Slide 66: Principal Investing results
Principal Investing results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 332 295 +13% 102 60 72 99 78 Gains from disposals 0 96 0 0 0 0 2 Impairments (3) (2) 3 4 (15) 4 (1) Net profit 314 374 -16% 95 60 60 99 79 Book value (€bn
Slide 67: Holding Functions results
Holding Functions results FY19 results – Quarterly segmental reporting tables Annex 1 D €m FY19 FY18 4Q19 3Q19 2Q19 1Q19 4Q18 YoY1 Total income 5 (9) (1) 13 1 (7) 3 Net interest income (47) (38) (10) (13) (8) (15) (7) Net treasury income 45 13 10 23 8 4 6 Fee income 7 16 (1) 4 1 4 4 Total costs (178
Slide 68: Glossary
GLOSSARY Annex 3 68 MEDIOBANCA
Slide 69: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking DPS Dividend per share WB Wholesale banking EPS Earning per share SF Specialty finance FAs Financial Advisors CB Consumer banking FVOCI Fair Value to Other Comprehensive Income WM Wealth m
Slide 70: Disclaimer & Declaration of head of financial reporting
Disclaimer & Declaration of head of financial reporting As from this fiscal year results, the Mediobanca Group is adopting IFRS 9 to represent its financial instruments. The transition to the new standard has resulted in an approx. €81m reduction in net equity, chiefly due to the introduction of the
Slide 71: Investor contacts Mediobanca Group Investor Relations
Investor contacts Mediobanca Group Investor Relations Piazzetta Cuccia 1, 20121 Milan, Italy Jessica Spina Tel. no. (0039) 02-8829.860 Luisa Demaria Tel. no. (0039) 02-8829.647 Matteo Carotta Tel. no. (0039) 02-8829.290 Email: investor.relations@mediobanca.com http://www.mediobanca.com 71