Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — FY2017 Earnings Presentation
75 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Aug 3, 2017
Slide 1: FY17 results as at 30 June 2017
Mediobanca FY17 results as at 30 June 2017 Reshaping underway Excellent first results Milan, 3 August 2017
Slide 2: Agenda
Agenda 1. FY17 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Consolidated figures stated and restated 2. Quarterly segmental reporting tables 3. Glossary
Slide 3: MB Group business model reshape producing excellent results
MB Group business model reshape producing excellent results FY17 – Executive summary Section 1 Group enlarged in size and improved in business mix, profitability, solidity Revenues up 7% to €2.2bn, driven by NII (up 7%) and fees (up 16%, 21% adj¹) Net profit up 24% to €750m Group ROTE up to 9% from
Slide 4: Strong industrial performance; net profit cut by one-off costs
Last 3M Strong industrial performance Net profit cut by €40m due to one-off costs FY17 – Executive summary Section 1 Strong industrial performance Net interest income at €333m, the highest-ever level, up 4% QoQ and up 11% YoY TFA jumped 16% from 51.7 to €59.9bn, mainly due to full consolidation of B
Slide 5: Playing 2017 actions
Playing 2017 actions… prioritize WM development, improve ROAC of CIB and Consumer June16 June 17 Affluent & Premier CheBanca! size doubled with Barclays unit acquisition Network restructuring plan and new Wealth model finalized, IT migrated and integrated WM Private & UHWI Prioritize development BE
Slide 6: …we have enlarged revenue and profit…
…we have enlarged revenue and profit… FY17 – Executive summary Section 1 MB Group FY17 risk adjusted operating profit (€m) +16%, +15% adj* 1.016 (102) 161 914 72 (132) (4) 855 102 81 736 +7% +16% +15% -24% +1% adj. +3% adj. +2% adj. -25% adj. GOP Net interest Fee Costs LLPs Other GOP Net equity PBT
Slide 7: …becoming more diversified…
…becoming more diversified … FY17 – Executive summary Section 1 Revenues by sources - Fees up to 24% of total Revenues by division- WM up to 21% of total +7% 2.2 Other +7% 2.2 PI 2.0 2.0 WM 23% 16% 21% NII 56% 59% Consumer 38% 59% 43% 43% 24% Fees 30% CIB 29% 22% 31% 29% FY16 FY17 FY19T FY16 FY17 FY
Slide 8: …and more efficient in RWA management…
…and more efficient in RWA management… FY17 – Executive summary Section 1 RWA YoY trend (€bn) RWA long-term trends (€bn, rebased to 100) Loans 100 Credit -2% 53.9 52.7 4.4 Market 5.8 58.7 +0.5 +1.5 -10% 52.7 (4.1) +0.9 3.2 11.2 11.8 3.6 11.3 6.8 8.0 7.7 6.8 Market risk: -70% 2.2 4.3 4.3 37.4 Credit
Slide 9: …stronger in capital creation…
…stronger in capital creation… FY17 – Executive summary Section 1 CET1 trend by sources Capital ratios trend (% and bps, phase-in) (phase-in,%) +120bps Basel2 Basel3 16.8 +60bps -50bps +35bps +75bps 13.3% 13.8 12.1% 13.3 11.1 FY16 Retained RWA Acquisitions Other FY17 FY09 FY10 FY11 FY12 FY13 FY14 FY
Slide 10: …stronger in shareholders' remuneration
…stronger in shareholders’ remuneration FY17 – Executive summary Section1 D € FY14 FY15 FY16 FY17 17/16 EPS 0.54 0.68 0.69 0.85 +23% DPS 0.15 0.25 0.27 0.37 +37% BVPS 9.0 9.9 9.9 10.0 +1% Group net profit 465m 590m 605m 750m +24% Shares number 861m 867m 871m 881m +1% Total dividend paid 127m 213m 23
Slide 11: Well on BP trajectory - consumer, CET1 & CoR ahead
Well on BP trajectory - consumer, CET1 & CoR ahead FY17 – Executive summary Section1 Mediobanca Group CIB CONSUMER WM GOP after LLPs 1bn 140 855 430 377 330 49 58 €m 736 351 373 245 FY16 FY17 FY19T FY16 FY17 FY19T FY16 FY17 FY19T FY16 FY17 FY19T 124 45 105 29 87 24 332 25 Cost of risk 5 243 270 20 b
Slide 12: Agenda
Agenda 1. FY17 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Consolidated figures Stated and restated 2. Quarterly segmental reporting tables 3. Glossary
Slide 13: Steady growth by earnings-generating assets
Steady growth by earnings-generating assets … FY17 results – Group performance Section 2 Group loans trend by division (€bn) Group TFA trend (€bn) +10% 38.2 34.7 +42% +58% 9.7 6.1 11.0 +7% 11.7 59.9 42.2 -4% 15.1 14.5 FY16 FY17 FY16 FY17 CIB Consumer WM Leasing Loan book up 10% to €38bn, with retail
Slide 14: Assured 7% growth in revenues
… assured 7% growth in revenues FY17 results – Group performance Section 2 Group revenues trend and details (€m) +7% 2,196 2,045 2,047 264 1,819 224 257 121 1,628 264 207 133 Fees: CIB and 200 523 450 WM driven 472 424 410 1.8bn 1.4bn NII: Consumer 1,207 1,288 1,087 1,143 banking driven 1,028 FY13 F
Slide 15: NII up 7% (fourth year of growth in a row)
NII up 7% (fourth year of growth in a row) FY17 results – Group performance Section 2 Group net interest income (€m) Wealth Management NII trend (€m, 6m) +7% 1,288 1,207 117 127 293 94 92 -3% 301 244 +58m IH16 IIH16 IH17 IIH17 186 +31% Consumer NII trend (€m, 6m) 818 +71m 747 +10% 384 408 410 363 FY
Slide 16: On a still decreasing cost of funding
… on a still decreasing cost of funding FY17 results – Group performance Section 2 Group funding trend (€bn) Average stock cost of funding (“CoF”, bps vs Euribor 3M) +5% 49.1 200 46.7 6.1 7.6 5.9 5.0 120 125 19.3 105 100 20.3 130 10.7 13.4 FY16 FY17 FY14 FY15 FY16 FY17 CB! retail deposits Private ba
Slide 17: Fees up in all divisions: WM at ~40% of total group fees
Fees up in all divisions: WM at ~40% of total group fees… FY17 results – Group performance Section 2 Group fees YoY trend (€m) +16% 22 (8) (10) 69 WM fees/ -6% +10% Group fees WM fees/ +51% Group fees ~30% ~40% 523 450 FY16 Wealth Mgt CIB Consumer Other FY17 FY17 Group fees up 16% sustained by incre
Slide 18: Driven by 72% growth in AUM/AUA
… driven by 72% growth in AUM/AUA FY17 results – Group performance Section 2 Group TFA trend by product (€bn) +42% 59.9 12.6 3.7 AUC 1.4 42.2 AUM/AUA 50% of 30.0 TFA 40% of AUM/AUA AUM/AUA up 72% TFA 17.4 AUC 12.1 AUC 10.7 Deposits Deposits 17.8 14.1 FY16 Deposits AUC AUM/AUA FY17 inflow inflow infl
Slide 19: Cost base up mainly due to enlarged consolidation area
Cost base up mainly due to enlarged consolidation area FY17 results – Group performance Section 2 MB Group FY17 cost base (€m) Costs by divisions (€m, excluding acquisitions) +2% +22 1,024 892 915 892 +110 162 +1% 166 516 441 268 -1% 266 +2% 280 274 451 508 28 +25% 35 212 - 212 FY16 Acquired Other F
Slide 20: CoR deflated, coverage ratios up
CoR deflated, coverage ratios up FY17 results – Group performance Section 2 Cost of risk by division (bps) NPLs (“deteriorate”, €m) and coverage (%) 332 55% 243 53% 54% 1,400 55% 1,200 50% 1,000 45% 800 40% 201 1,075 946 941 35% 124 600 400 30% 87 June15 June16 June17 Net NPLs NPLs coverage 73 24 5
Slide 21: Superior asset quality improved further
Superior asset quality improved further FY17 results – Group performance Section 2 NPLs Bad loans Coverage As % of loans (“deteriorate”) (“sofferenze”) -1% -15% 67% 70% 2.7% 2.5% Mediobanca 946 941 54% 55% Group 185 157 0.5% 0.4% June16 June17 June16 June17 June16 June17 June16 June17 -1% 2.7% 2.6%
Slide 22: Agenda
Agenda 1. FY17 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Consolidated figures stated and restated 2. Quarterly segmental reporting tables 3. Glossary
Slide 23: Mediobanca business model
Mediobanca business model Mediobanca Group Holding Functions Group ALM & Treasury Corporate & Investment Consumer Banking Wealth Management Principal Investing Banking (CIB) (CB) (WM) (PI) Corporate & Investment Consumer Banking Affluent & Premier Principal Investing Banking Compass CheBanca! Ass. G
Slide 24: Profitability enhanced in all divisions
profitability enhanced in all divisions 12M results as at June 2017 – Divisional results Section 3 Revenues GOP after LLPs Net profit ROAC +7% ROTE 9% +16% +24% Mediobanca 2,047 2,196 855 8% 736 750 7% Group 605 ROTE adj. FY16 FY17 FY16 FY17 FY16 FY17 FY16 FY17 +2% 11% 10% Corporate & 625 636 +9% +1
Slide 25: Corporate & Investment Banking
Corporate & Investment Corporate & Banking (CIB) Investment Banking Corporate & Investment Banking Specialty Finance 25
Slide 26: CIB BP 2016/19 mission - Increase profitability
CIB BP 2016/19 mission - Increase profitability leveraging on strengths and market opportunities 12M results as at June 2017 – Divisional results Section 3 Wholesale Banking Factoring Credit Management IMPROVE BECOME A TOP 10 LEVERAGE PROFITABILITY FURTHER OPERATOR LONGSTANDING SKILLS OBJECTIVES Str
Slide 27: Leading position achieved in core markets in M&A
Leading Position achieved in Core Markets in M&A … 12M results as at June 2017 – Divisional results Section 3 Involved in all industry-shaping deals of 2016-17, M&A Italy – Announced deals (2017 - YTD) including the merger of Banco Popolare and BPM, the combination of Luxottica and Essilor, Atlantia
Slide 28: Equity capital markets and cash equity
… Equity capital markets and cash equity 12M results as at June 2017 – Divisional results Section 3 Mediobanca boasts an unrivalled track record in Global Co-ordinator Italy ECM1 Italian ECM transactions, managing virtually all the July16 - June17 largest deals as Global Co-ordinator Growing leaders
Slide 29: Specialty Finance: gaining speed and visibility
Specialty Finance: gaining speed and visibility … 12M results as at June 2017 – Divisional results Section 3 MBFacta market positioning MBCredit Solution: latest portfolio acquired (turnover as at Mar17, €bn, Assifact) GBV: €405m GBV: €15m GBV: €151m 13.5 June 16 rolling Dec.16 20% retail 80% corpor
Slide 30: …in a complementary NII-fee business
…in a complementary NII-fee business 12M results as at June 2017 – Divisional results Section 3 Specialty Finance revenue trend (€m) Factoring revenue trend (€m) +52% 86 57 +2X 42 33 +6% 36 20 +20% 44 31 34 37 FY16 FY17 FY16 FY17 NII Fees NII Fees Specialty Finance net profit trend (€m) Credit Manag
Slide 31: CIB: more fees based, k-light and profitable
CIB: more fees based, k-light and profitable 12M results as at June 2017 – Divisional results Section 3 RWA (bn) and ROAC trend (€m) CIB fee income (€m) +10% 11% 228 250 10% 42 20 +2x 27.2 51 48 48 23.1 57 100 +12% 112 100% STD FY16 FY17 FY16 FY17 Capital market Advisory Lending Specialty Finance RO
Slide 32: CIB: ROAC up to 11%
CIB: ROAC up to 11% 12M results as at June 2017 – Divisional results Section 3 Wholesale Banking (WB) Specialty Finance (SF) Corporate & Investment Banking (CIB) Fee-driven business Becoming visible RWA optimization ongoing Diversified revenue mix Net profit up 14% to €254m Strong fee contributor (4
Slide 33: Consumer Banking
Consumer Banking Consumer Banking (CB) Consumer Banking Compass 33
Slide 34: Consumer BP 16/19 mission - Keep growing
Consumer BP 16/19 mission - Keep growing leveraging on strengths and market opportunities 12M results as at June 2017 – Divisional results Section 3 CONSOLIDATE EXPLOIT IMPROVE PROFITABILITY OBJECTIVES POSITIONING NEW OPPORTUNITIES ACTIONS Value management Delivery Innovation the sole guide empower
Slide 35: New business growth (up 7% YoY) driven by…
New business growth (up 7% YoY) driven by… 12M results as at June 2017 – Divisional results Section 3 Compass new business by product (€bn) Personal loans new business by channel (€m) Compass branches Banks 6.2 +7% 6.6 1.0 1.0 1.5 1.7 1.4 1.4 1.4 1.2 3.2 +8% 3.5 FY15 FY16 FY17 FY15 FY16 FY17 0.5 0.5
Slide 36: …value management approach: ROAC 25%
… value management approach: ROAC 25% 12M results as at June 2017 – Divisional results Section 3 Sound but cautious loan book growth … with focus on profitability in a rebounding market … and no compromise on cost of risk Since 2010 Consumer new business has grown YoY Safe and sound new business pol
Slide 37: Wealth Management
Wealth Management Wealth Management (WM) Affluent & Premier CheBanca! Private & HNWI MB Private Banking CMB Spafid Asset Management Cairn Capital 37
Slide 38: BP 16/19 mission: prioritize development of a sizeable WM platform
BP 16/19 mission: prioritize the development of a sizeable WM Platform investing capital organically and through M&A (up to 200bps) 12M results as at June 2017 – Divisional results Section 3 Affluent & Premier Private & HNWI Asset management CheBanca!: A DEFINITIVELY SET UP A SPECIALIZED EXPLOIT VAL
Slide 39: Affluent banking (CheBanca!): where we are (going)
Affluent banking (CheBanca!) : where we are (going) 12M results as at June 2017 – Divisional results Section 3 Aug 16 June16 June17 June18 June19 Barclays acquired Network restructuring taking place Network Network restructuring plan set Branches: 33 to be closed, 110 reorganized on -€ restructuring
Slide 40: Value option exploitation just started
Value option exploitation just started 12M results as at Jun 2017 – Divisional results Section 3 CheBanca! new retail customers segmentation CheBanca! revenues by sources (€m) N. Clients TFA (#'000) (€bn) 275 WEALTH 8 1% 5 24% 192 69 164 167 43 AFFLUENT 23 28 125 16% 12 59% 205 141 139 149 MASS 642
Slide 41: Private Banking: where we are (going)
Private Banking: where we are (going) 12M results as at June 2017 – Divisional results Section 3 April 17 June16 June17 June18 June19 Esperia acquired Restructuring plan/ Merger/restructuring taking place Italian Esperia merger into MB Spa in Autumn17 operation Banca Esperia merger set - PB/AM activ
Slide 42: Setting up a fully fledged/integrated platform
Setting up a fully fledged/integrated platform 12M results as at June 2017 – Divisional results Section 3 Revenues (€m) TFA trend by company (€bn) 218 39,4 185 42 27,5 10.8 132 142 42 16,5 18,7 11.1 87 18.8 54 44 41 7.8 8.8 8.4 81 83 89 89 7.3 7.8 8.1 9.8 Jun-14 Jun-15 Jun-16 Jun-17 FY15 FY16 FY17 F
Slide 43: AUM become visible: almost doubled to €30bn
AUM become visible: almost doubled to €30bn 12M results as at June 2017 – Divisional results Section 3 Group AUM/AUA trend by customer segments (€bn) +2x 30.0 Cairn 2.5 AUA/AUM on AUA/AUM on Group TFA 10,5 Group TFA +12% 17.4 Esperia 13.7 ~50% ~40% 2.1 AAM Cairn 2.2 Esperia 6.0 Private CMB 6.7 CMB 5
Slide 44: WM scaled up: €60bn TFA, €450m revenues
WM scaled up: €60bn TFA, €450m revenues 12M results as at June 2017 – Divisional results Section 3 Affluent & Premier Private CheBanca! HNWI (Affluent & Premier) Wealth Management (WM) CheBanca! scale upgraded Banca Esperia full consolidation WM platform start to be visible and CheBanca! definitivel
Slide 45: Principal Investing
Principal Investing (PI) Principal Investing Principal Investing Ass. Generali AFS stake ptf 45
Slide 46: BP16-19 Mission in Principal Investing
BP16-19 Mission in Principal Investing Keep deleveraging 12M results as at June 2017 – Divisional results Section 3 Continue disposals Optimize capital Value management OBJECTIVES ACTIONS €1.3bn BV disposals Halve contribution to Group RWA reduction GOP (to 20%) - AG stake from 13% to 10% from €7bn
Slide 47: Deleveraging ongoing – ROAC 17%
Deleveraging ongoing – ROAC 17% 12M results as at June 2017 – Divisional results Section 3 KPIs (€m) Main equity investments as at June 2017 (€m) Book AFS PI - €m June16 June17 D Company % value €m reserve Revenues 284 273 -4% Ass.Generali 13.0% 2,997 n.m.1 Gain from disposals/ 120 162 +35% Atlantia
Slide 48: Holding Functions
Holding Functions Holding Functions Group ALM & Treasury Leasing 48
Slide 49: BP16-19 Mission in Holding Functions
BP16-19 Mission in Holding Functions Keep optimizing 12M results as at June 2017 – Divisional results Section 3 Treasury ALM Leasing Central costs OBJECTIVES ACTIONS Reduce K absorbed Ordered deleverage Reduce special project costs Improve NII Support MidCaps platform Synergies on acquired co. In FY
Slide 50: NII starting to recover
NII starting to recover 12M results as of June 2017 – Divisional results Section 3 KPIs NII trend by half-year (€m) NII recovering in 2H, but still penalized by high (33) (76) liquidity in negative yield environment Liquidity ratio reduced but still high (from 370% in Dec (11) 2016 to 245%) (22) (29
Slide 51: Costs driven by regulation and new projects
Costs driven by regulation and new projects 12M results as of June 2017 – Divisional results Section 3 Operating costs (€m, 12months) Non-operating items ( €m) +3% YoY €m FY16 FY17 162 166 SRF ordinary (28) (25) (4) +2 +6 41 (4) +4 41 SRF one-off (57) (50) Functions DGS ordinary (6) (5) Central -12%
Slide 52: Holding Function: high liquidity profile, focus on optimization
Holding Function: high liquidity profile focus on optimization 12M results as at June 2017 – Divisional results Section 3 Holding Functions Treasury, ALM, central functions Leasing (HF) Optimization Ordered deleverage ongoing Net loss up to €247m due to: Revenues down due to Selective new business m
Slide 53: Agenda
Agenda 1. FY17 results – Executive summary 2. Group performance 3. Divisional results 4. Closing remarks Annexes 1. Consolidated figures stated and restated 2. Quarterly segmental reporting tables 3. Glossary
Slide 54: What's next: 2018/19 actions in WM…
What’s next: 2018/19 actions in WM… Closing remarks – what’s next Section 4 June16 June 17 June 18 June 19 WM Prioritize development Affluent & Premier - Growing in size and profitability CheBanca! Size doubled with Barclays unit deal Network restructuring plan to be executed: cost synergies Network
Slide 55: …and in other business segments
…and in other business segments June16 June 17 June 18 June 19 CIB Increase profitability Wholesale banking New organization & coverage Capture larger market share in a consolidating banking sector New remuneration policies: scorecard on capital consumption & return Further enhance industries expert
Slide 56: Closing remarks
CLOSING REMARKS Closing remarks – what’s next Section 4 Highest-ever €2.2bn revenues, growing NII (up 7%) and fees (up 16%). NII and fee income definitively increased and diversified by sources Superior asset quality improved even further, sharp reduction in cost of risk FY17 coupled with increased
Slide 57: Mediobanca FY17 results as at June 2017
Mediobanca FY17 results as at 30 June 2017 Reshaping underway Excellent first results Milan, 3 August 2017
Slide 58: Consolidated figures Stated and restated
Consolidated figures Stated and restated Annex 1 58
Slide 59: Acquisitions play an important role in MB growth story
Acquisitions play an important role in MB growth story faster reshaping, adding drivers for future revenues growth & high potential cost synergies MB Group FY17 results driven by organic growth in GOP (up 15% organic versus 16% stated) and profitability acquisitions in Group size (revenues up 7% sta
Slide 60: Quarterly segmental reporting tables
Quarterly segmental reporting tables Annex 2 60
Slide 61: Group P&L account
Group P&L account FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 2,196 2,047 7% 539 584 546 526 528 Net interest income 1,288 1,207 7% 333 320 321 314 301 Fee income 523 450 16% 121 165 135 102 114 Net trea
Slide 62: Group A&L
Group A&L FY17 results – Quarterly segmental reporting tables Annex 2 D D €bn June17 Mar17 Dec16 Sept16 June16 QoQ1 YoY1 Funding 49.1 49.2 49.7 50.2 46.7 +5% Bonds 19.3 19.6 19.6 20.8 20.3 -2% -5% Retail direct deposits 13.4 13.7 13.8 13.8 10.7 -3% +25% Private banking deposits 4.5 3.5 3.6 3.0 3.0 +
Slide 63: CIB results
CIB results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 636 625 2% 129 193 169 146 132 Net interest income 293 301 -3% 70 69 78 76 73 Fee income 250 228 10% 51 92 63 44 47 Net treasury income 93 96 -3% 7
Slide 64: WB results
WB results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 550 568 -3% 107 170 143 129 117 Net interest income 249 264 -6% 59 57 67 65 63 Fee income 207 208 40 81 49 38 41 Net treasury income 94 96 -3% 7 32
Slide 65: Specialty Finance results
Specialty Finance results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 86 57 52% 22 23 25 17 15 Net interest income 44 37 20% 11 12 11 11 9 Fee income 42 20 2X 11 11 14 6 6 Total costs (36) (28) 25% (11)
Slide 66: Consumer banking: Compass results
Consumer banking: Compass results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 936 873 7% 222 239 240 236 235 Net interest income 818 747 +10% 205 205 206 203 196 Fee income 118 126 -6% 17 34 35 33 39 Tot
Slide 67: Wealth Management results
Wealth Management results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 460 334 +38% 128 117 123 91 88 Net interest income 244 186 +31% 66 61 67 50 46 Fee income 203 135 +51% 60 53 53 37 37 Net treasury in
Slide 68: CheBanca! Results (Affluent & Premier)
CheBanca! Results (Affluent & Premiere) FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 275 192 +43% 74 69 77 54 49 Net interest income 205 149 +38% 55 51 59 41 36 Fee income 69 43 +59% 19 19 19 13 13 Total
Slide 69: Private Banking results
Private Banking results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 185 142 +30% 55 48 46 37 39 Net interest income 39 37 +4% 11 10 9 9 10 Fee income 134 91 +47% 41 35 34 25 25 Net treasury income 12 13
Slide 70: Principal Investing results
Principal Investing results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income 273 284 -4% 77 58 60 78 90 Gains from disposals 162 120 +35% 23 20 9 110 23 Impairments (1) (18) 0 0 (1) (0) (1) Net result 422 373
Slide 71: Holding Functions results
Holding Functions results FY17 results – Quarterly segmental reporting tables Annex 2 D 2Q 1Q 4Q 3Q 2Q €m FY17 FY16 YoY1 June17 Mar17 Dec16 Sept16 June16 Total income (57) (7) (10) (8) (27) (12) 2 Net interest income (76) (33) (11) (18) (28) (19) (16) Fee income 17 23 -29% 4 4 4 5 9 Total costs (166
Slide 72: Glossary
GLOSSARY Annex 3 MEDIOBANCA 72
Slide 73: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking GOP Gross operating profit WB Wholesale banking Ls Loans SF Specialty finance LLPs Loan loss provisions CB Consumer banking M&A Merger and acquisitions WM Wealth management NAV Net asset v
Slide 74: Disclaimer
Disclaimer This presentation contains certain forward-looking statements, estimates and targets with respect to the operating results, financial condition and business of the Mediobanca Banking Group. Such statements and information, although based upon Mediobanca’s best knowledge at present, are ce
Slide 75: Investor contacts
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 75