Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — H1 2021 Earnings Presentation
65 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Feb 9, 2021
Slide 1: Mediobanca 6M/2Q Results as at 31 December 2020
MEDIOBANCA 6M/2Q RESULTS AS AT 31 DECEMBER 2020 Milan, 9 February 2021
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Asset quality by division 2. Divisional results by quarter 3. Glossary
Slide 3: 6M Results Back to Pre-Covid Levels
6M RESULTS BACK TO PRE-COVID LEVELS €1.3BN REVENUES - €0.4BN NET PROFIT - ROTE @10% Executive summary Section 1 Strong business recovery confirmed by all business segments, 2nd lockdown impact smoothed Robust trend in core revenues, up to €1,301m, due to effective business diversification WM at € 30
Slide 4: 1H/6M Results: Snapshot
1H/6M RESULTS: SNAPSHOT Executive summary Section 1 Mediobanca Group – 1H results as at Dec20 Mediobanca Group – 1H results as at Dec20 Revenues Cost/income CoR Net profit Gross NPL/Ls ROTE adj CET1 ratio DPS €1,301m 45% 50 bps €411m 3.3% 10% 16.2%1 +10% HoH -5pp HoH -64bps HoH +3x HoH 70% payout FY
Slide 5: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Asset quality by division 2. Divisional results by quarter 3. Glossary
Slide 6: Ongoing Robust Activity in CIB Client Activity
ONGOING ROBUST ACTIVITY IN CIB CLIENT ACTIVITY 1H21/2Q21 - Group results Section 2 Capital market rebound Advisory robust Strong ECM, with a mix of primary/secondary issues After landmark transactions in Q1, revenues still robust also in Q2 DCM reporting the strongest Q ever Mid-caps deal represent
Slide 7: WM Accelerating Asset Gathering Pace
WM ACCELERATING ASSET GATHERING PACE… 1H21/2Q21 - Group results Section 2 €2.3bn Net New Money in 1H21, ow €1.3bn in Q2… …driving MB Group TFAs to ~€67bn – all-time high NNM Affluent & Private (€bn) TFA (€bn) €3.2bn Dec20 25 42 66.6 €1.7bn 2.1 €2.3bn 0.7 0.8 1.3 June20 24 40 63.6 1.1 1.0 0.9 0.5 0.9
Slide 8: With High Productivity and Distinctive Offering
… WITH HIGH PRODUCTIVITY AND DISTINCTIVE OFFERING 1H21/2Q21 - Group results Section 2 Affluent/CheBanca!: ongoing network enhancement, Trend in Affluent/Private Banking franchise despite some delays due to Covid-19. Superior productivity levels maintained Salesforce up by ~30 professionals in last 6
Slide 9: Resilient Credit Origination for Households
RESILIENT CREDIT ORIGINATION FOR HOUSEHOLDS HELPED BY ONGOING ATTENTION TO CUSTOMERS AND ENHANCED REMOTE OFFERING 1H21/2Q21 - Group results Section 2 Consumer Banking: new loans confirmed @75% of pre- Residential mortgages: pre-Covid-19 level resumed Covid-19 level despite 2nd lockdown Loan book 13.
Slide 10: Strong Commercial Activity Enabled Record Core Revenues
STRONG COMMERCIAL ACTIVITY ENABLED RECORD CORE REVENUES… 1H21/2Q21 - Group results Section 2 Group revenues trend by source (€m, 3M) Group revenues trend by source (€m, 6M) -2% Record level of core revenues: 5Y CAGR +6% € 1,190m in 6m +10% €1,325m €1,301m €1,188m 6M 684 Dec20 720 383 87 111 €1,301m
Slide 11: Driven by Double-Digit Fee Income Growth
…DRIVEN BY DOUBLE-DIGIT FEE INCOME GROWTH… GENERATED BY WM & CIB 1H21/2Q21 - Group results Section 2 Fees trend by division (€m, 6M) CIB (€m, 3M) Fees mix evolution (€m, 6M) 88 84 10 65 12 Specialty fin 12 57 52 52 16 10 6m 9 26 Lending 40% 43% 383 11 10 6 Dec20 9 29 10 7 11 9 CapMkt¹ 16 6 41 31 34
Slide 12: Resilient NII Despite Consumer Slowdown
…AND RESILIENT NII DESPITE CONSUMER SLOWDOWN DUE TO COST OF FUNDING AND ACTIVE A&L MANAGEMENT NII trend by division (€m, 3M) NII drivers (6M, €m) €722m €721m €720m 359 362 361 360 357 363 (13) +8 720 69 67 67 69 722 72 77 +13 +14 (13) 69 69 66 67 68 69 (10) 235 239 237 237 226 223 1Q20 2Q20 3Q20 4Q2
Slide 13: Asset Quality: Moratoria Successfully Managed
ASSET QUALITY: 1) MORATORIA SUCCESSFULLY MANAGED 1H21/2Q21 - Group results Section 2 Moratoria: 56% expired, >80% have resumed regular Outstanding moratoria halved to 2.4% of Group loans payments, well covered Gross carrying amount (€bn, Dec20)¹ % Moratoria on 5% Group loans o/w o/w Stage Total Tota
Slide 14: Conservative Approach Despite Macro Scenario Improvement
…2) CONSERVATIVE APPROACH DESPITE MACRO SCENARIO IMPROVEMENT OF LAST 6M 1H21/2Q21 - Group results Section 2 Macro scenario trend Nov19 Scenario - at BP23 approval June20 Scenario after 1^Covid1 Improved Scenario - Dec 20 2020² 2021² 2022² 2023² 2020² 2021² 2022² 2023² 2020² 2021² 2022² 2023² IT GDP
Slide 15: Consumer Banking Back to Healthy Pre-Covid Situation
… 3) CONSUMER BANKING BACK TO HEALTHY PRE-COVID SITUATION 1H21/2Q21 - Group results Section 2 …with coverage ratios increased to the highest level Net NPLs back to pre-Covid19 level… ever for performing loans (3.35%) and to 71.5% of NPLs Consumer Banking Net NPLs, stock (€m) and incidence to loans (
Slide 16: CIB with the Cleanest Portfolio Ever
… 4) CIB WITH THE CLEANEST PORTFOLIO EVER 1H21/2Q21 - Group results Section 2 NPLs down to €0.1bn, with zero bad loans… …and coverage ratios increased both on performing Burgo exposure back to performing loans (to 0.72%) and NPLs (55%) CIB Net NPL, stock (€m) and incidence to loans (%) Coverage rati
Slide 17: Pro-active Conservative Provisioning at Group Level
PRO-ACTIVE CONSERVATIVE PROVISIONING AT GROUP LEVEL 1H21/2Q21 - Group results Section 2 Rigorous classification matched with high coverage ratios Gross NPLs – Stage 31 Net NPLs – Stage 31 ➢ Stage 3: NPLs down gross and net after a 63.1% UTP CIB transfer to Stage 1. Coverage 08% 70.0% 5.00% ratio up
Slide 18: CoR Down to 39bps in Q2
COR DOWN TO 39BPS IN Q2 INCLUDING €187m OF COVID-RELATED CONSERVATIVE PROVISIONS 1H21/2Q21 - Group results Section 2 COR trend (bps) Writebacks (€m) +2 +15 +26 +84 €127m writebacks since March 20, 100% in CIB (stage3) Covid-related -13 -100 -25 -49 €187m additional conservative provisions Covid-rela
Slide 19: 1H21 Results – Pre-Covid Level Resumed at Operational Level
1H21 RESULTS – PRE-COVID LEVEL RESUMED AT OPERATIONAL LEVEL 1H21/2Q21 - Group results Section 2 Financial results Highlights 6m D D 2Q21 1Q21 2Q20 Solid operating trends confirmed also in Q2, limited impact from €m Dec20 HoH1 YoY1 Dec20 Sept20 Dec19 2nd lock down Total income 1,301 +10% -2% 675 626
Slide 20: Several One-Off Non-Operating Items
SEVERAL ONE-OFF NON-OPERATING ITEMS 1H21/2Q21 - Group results Section 2 Several positive and negative o/w in o/w in Non operative one-off items - €m 1H21 one-off items in last two Qs, IQ21 IIQ21 neutral at 1H net profit level Revenues (16) (21) 5 Burgo loan moved back to Stage1, releasing €110m in o
Slide 21: CET1 @16.2% with Dividend Payout @70% Accrued
CET1 @16.2% WITH DIVIDEND PAYOUT2 @ 70% ACCRUED 1H21/2Q21 - Group results Section 2 CET1 ratio (phase-in) flat QoQ at 16.2%1 RWA trend (€ bn) +210 bps +0.4 48,7 +45bps +1.1 +0.1 +15bps +5bps 47.1 47.6 -5bps 4.0 16.2% -35bps -30bps 16.2% 4.0 (0.5) 4.0 2.3 2.8 2.7 14.1% 42.4 40.3 40.9 Pay-out Pay-out
Slide 22: Significant Non-Financial Achievements for Our Stakeholders
SIGNIFICANT NON-FINANCIAL ACHIEVEMENTS FOR OUR STAKEHOLDERS 1H21/2Q21 - Group results Section 2 Three BP environmental targets achieved: DCM - ITA ESG ranking1 DCM - ITA ESG ranking1 9 by # of deals (Jul.-Dec.20) by deal value (€-eq.m; Jul.- €0.5bn inaugural green bond issue in Sept20 ENVIRONMENT 8
Slide 23: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Asset quality by division 2. Divisional results by quarter 3. Glossary
Slide 24: Group ROTE 10% - All Divisions with High Double-Digit ROAC
GROUP ROTE 10% - ALL DIVISIONS WITH HIGH DOUBLE-DIGIT ROAC 6M results as at December 2020 Section 1 Revenues (€m, 6M) GOP (€m, 6M) Net profit (€m, 6M) ROAC ROTE adj. 9.8% +10% 10.6% 10.3% +82% x3 9.6% 9.0% Mediobanca 1,325 1,301 1,188 625 592 468 411 ROTE Group 325 133 3.0% Dec19 June20 Dec20 Dec19
Slide 25: Wealth Management
WEALTH MANAGEMENT 495). MEDIOBANCA
Slide 26: WM: ROAC@21% - Robust Commercial Trends
WM: ROAC@21% - ROBUST COMMERCIAL TRENDS ON IMPROVING POSITIONING AND DISTINCTIVE OFFER 1H21 Divisional results - WM Section 3 Financial results Highlights 6m D D 2Q21 1Q21 2Q20 Robust commercial activity in all segments, following the €m distinctive offer (PB-IB coverage) and the ongoing strengtheni
Slide 27: TFAs up to €67bn, with €2.3bn NNM in Affluent&Private
TFAs UP TO €67BN, WITH €2.3BN NNM IN AFFLUENT&PRIVATE 1H21 Divisional results - WM Section 3 Group TFAs trend (€bn) +5% 63.7 63.6 66.6 2.0 (2.0) 1.6 1.4 NNM by segment NNM by segment Affluent +1.8 39.8 Affluent +1.6 42.0 41.8 Private +1.4 Private +0.7 AM -1.2 AM -0.6 NNM by product NNM by product AU
Slide 28: Recurring Revenues and Margins Materially Up
RECURRING REVENUES AND MARGINS MATERIALLY UP ROAC @21% 1H21 Divisional results - WM Section 3 WM revenues by source (6M, €m) Net profit (6M, €m) Fee margin* 0.87% 79% Cost/Income 0.82% 75% 74% 0.81% 100 40% +10% +1% 90 23% 30% 80 21% ROAC 299 302 13% 20% 70 272 12 5 1 +35% -3% 60 +1% 10% (+7% excl.
Slide 29: Affluent: Growth and Repositioning Ongoing
AFFLUENT: GROWTH AND REPOSITIONING ONGOING FEES UP 21% 1H21 Divisional results - WM Section 3 Revenues (6M, €m) AUM/AUA NNM trend (3M,€bn) TFAs stock trend (€bn) +9% €1.4bn +13% 173 €0.9bn 0.8 29.9 159 €0.9bn 27.8 146 0.7 26.5 3.1 2.9 61 2.7 50 0.5 0.5 +16% 42 +21% 10.8 +20% 9.3 9.6 0.3 0.3 104 109
Slide 30: Private Banking: Enhancing Offering Mix
PRIVATE BANKING: ENHANCING OFFERING MIX GRASPING OPPORTUNITIES OFFERED BY UNIQUE BUSINESS MODEL 1H21 Divisional results - WM Section 3 Revenues (6M, €m) AUM/AUA NNM trend (3M,€bn) TFA stock trend (€bn) -2% +7% €0.9bn 100 27.6 98 25.8 26.2 €0.4bn 86 6.6 €0.6bn 6.8 6.4 0.5 68 0.4 +3% +1% 69 59 +15% 0.
Slide 31: Asset Management: Cairn Capital & Bybrook Joining
ASSET MANAGEMENT: CAIRN CAPITAL & BYBROOK JOINING … BYBROOK: A PROFITABLE, VALUABLE, COMPLEMENTARY PLATFORM 1H21 Divisional results - WM Section 3 CAIRN CAPITAL BYBROOK CAPITAL European diversified credit manager, founded in European distressed debt manager, founded in 2013, ownership 2004, London b
Slide 32: To Create a Diversified Alternative Credit Manager
…TO CREATE A DIVERSIFIED ALTERNATIVE CREDIT MANAGER WITH EXPERTISE ACROSS PUBLIC, PRIVATE, PERFORMING AND DISTRESSED OPPORTUNITIES 1H21 Divisional results - WM Section 3 Bybrook - a reputable credit manager looking for stable capital structure to underpin growth PROFITABLE SCALABLE STRONG ENTREPRENE
Slide 33: Transaction Details
TRANSACTION DETAILS 1H21 Divisional results - WM Section 3 TRANSACTION Combined entity Mediobanca is proposing the merger of its affiliate Cairn MANAGEMENT: Bybrook partners will continue their Capital with Bybrook Capital successful activity in Cairn Capital within a fully aligned interest environm
Slide 34: Consumer Banking
CONSUMER BANKING 4f2 MEDIOBANCA
Slide 35: Consumer: Limited Impact from 2nd Lockdown
CONSUMER: LIMITED IMPACT FROM 2ND LOCKDOWN… COR BACK TO PRE-COVID LEVEL IN 2Q21 – ROAC @28% 1H21 Divisional results – Consumer banking Section 3 Financial results Highlights 6m D D 2Q21 1Q21 2Q20 €m Ongoing investments in multichannel distribution platform and Dec20 HoH1 YoY1 Dec20 Sept20 Dec19 new
Slide 36: Supported by Resilient New Business in 2Q
…SUPPORTED BY RESILIENT NEW BUSINESS IN 2Q… 1H21 Divisional results – Consumer Banking Section 4 Weekly new loans trend (€) 180,000 160,000 1^Lockdown 2^Lockdown 140,000 120,000 -76% -21% 100,000 80,000 60,000 Holiday season Holiday -85% -25% 40,000 season 20,000 0 14/18 Apr 20/25 Apr 12/17 Oct 19/2
Slide 37: Fostered by an Effective Integrated Multichannel Platform
…FOSTERED BY AN EFFECTIVE INTEGRATED MULTICHANNEL PLATFORM 1H21 Divisional results – Consumer Banking Section 4 Distribution: physical and online Personal loans new business by channel (6M, €bn) Direct distribution Banks 50 0 24% ONLINE 02 35% (% of direct 64% 30% 01 25 % 73% 57% 02 45 0 02 01 26% 3
Slide 38: ROAC Confirmed at High Level (@28%)
ROAC CONFIRMED AT HIGH LEVEL (@28%) DESPITE COVID SLOWDOWN IN NEW BUSINESS 1H21 Divisional results – Consumer Banking Section 4 Loan book (€bn) Revenues (6M, €m) ROAC & CoR (6M, bps, %) flat 400 0.4 flat -3% -7% 350 32% 0.35 15 532 ROAC 30% 14 13.7 515 513 300 28% 0.3 12.8 12.8 13 58 12 250 0.25 11
Slide 39: Corporate & Investment Banking
CORPORATE & INVESTMENT BANKING 39
Slide 40: CIB: Strong Fee Momentum
CIB: STRONG FEE MOMENTUM RESILIENT NII, FEES UP 41% YOY AND ROAC @19% 1H21 Divisional results - CIB Section 3 Financial results Highlights 6m D D 2Q21 1Q21 2Q20 Effective business diversification, strong relationships and positive €m market trend (M&A and ECM markets in core countries doubled Dec20
Slide 41: Leading Positioning Confirmed in M&A
LEADING POSITIONING CONFIRMED IN M&A… 1H21 Divisional results - CIB Section 3 The Mediobanca M&A team has been involved in most Selected M&A Large Corp Transactions industry-shaping transactions of the second half of 2020, Pending December 2020 November 2020 October 2020 July 2020 including the take
Slide 42: And in ECM and DCM
…AND IN ECM AND DCM… 1H21 Divisional results - CIB Section 3 Mediobanca Capital Markets teams have successfully completed several major transactions for both Italian and international clients, ECM Italy 2020 (Bookrunner)1 including in DCM, INWIT’s inaugural bond, Veolia’s dual-tranche hybrid and IMA
Slide 43: Matched with Sound Lending Origination
…MATCHED WITH SOUND LENDING ORIGINATION… 1H21 Divisional results - CIB Section 3 New business in past 6M skewed towards high-quality counterparties (80% IG) New loans and stock by rating More than 70% of the exposure towards sectors considered with moderate or low impact from the medical crisis, wit
Slide 44: ROAC @19% Due to Strong Revenues and Asset Quality
ROAC @19% DUE TO STRONG REVENUES AND ASSET QUALITY 1H21 Divisional results - CIB Section 3 CIB revenues by source (6M, €m) Gross NPL (€m) and CoR (6M,bps) Net profit & ROAC (6M, €m, %) 55 300 +10% 50.00 19% 20% 364 1200 250 16% 16% ROAC 333 332 0.00 44 -41% 1000 CoR 15% 72 +2% 74 200 (25) -50.00 (33
Slide 45: Principal Investing
PRINCIPAL INVESTING 45 495). MEDIOBANCA
Slide 46: Principal Investing ROAC@14%
PRINCIPAL INVESTING ROAC@14% 1H21 Divisional Results - PI Section 3 Financial results Highlights 1H21 revenues broadly flat HoH, but down 33% YoY as 6m D D 2Q21 1Q21 2Q20 €m 1H20 was impacted by extraordinary gains on sale of non- Dec20 HoH1 YoY1 Dec20 Sept20 Dec19 core assets while 1H21 by negative
Slide 47: Holding Functions
HOLDING FUNCTIONS 495). MEDIOBANCA
Slide 48: HF – Improved Results
HF – IMPROVED RESULTS COMFORTABLE FUNDING AND LIQUIDITY POSITIONS 1H21 – Divisional results - HF Section 3 Financial results Highlights 6m D D 2Q21 1Q21 2Q20 €m 1H21 loss at €73m, 4% lower vs 1H20, GOP improved by 21% due to Dec20 HoH1 YoY1 Dec20 Sept20 Dec19 strong contribution of Treasury and bett
Slide 49: MREL Requirements Confirmed for 2021, with High Surplus
MREL REQUIREMENTS CONFIRMED FOR 2021, WITH HIGH SURPLUS 1H21 – Divisional results - HF Section 3 MREL liabilities vs MREL requirements MREL requirement: MB (new for 2021) and peers1 MREL Liabilities: 37.1%RWA Senior bonds: 16.9% Avg. 26% MREL Surplus 15.3% 22% SNP: 1.1% Sub: 3.1% MREL 93% of MREL Re
Slide 50: Funding: Stock Up, CoF Flat at 80bps
FUNDING: STOCK UP, COF FLAT AT 80BPS (vs 3M Euribor) DESPITE NEGATIVE BASE EFFECT ON OPTIMIZED MIX 1H21 Divisional Results - HF Section 3 TLTRO: larger size, but below the €8.8bn full capacity Deposit steadily up, now at 44% of total funding €bn €bn 23.8 24.6 +1.8 22.4 +1.5 +0.7 6.2 19.1 (1.0) 17.8
Slide 51: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Asset quality by division 2. Corporate loan book composition 3. Divisional results by quarter 4. Glossary
Slide 52: Closing Remarks
CLOSING REMARKS Revenues and earnings returned back to pre-Covid levels with ROTE@10%, CET1 ratio @16.2%, pay-out ratio@70% fees up 17%, gross NPE/Ls @3.3% Group MB reaffirmed the ability to grow through the cycles and deliver above-average sustainable growth and shareholders’ total return due to th
Slide 53: Mediobanca 6M/2Q Results as at December 2020
MEDIOBANCA 6M/2Q RESULTS AS AT 31 DECEMBER 2020 Milan, 9 February 2021
Slide 54: Agenda
Agenda Section 1. Executive summary Section 2. 1H/2Q Group results Section 3. Divisional results Section 4. Closing remarks Annexes 1. Asset quality by division 2. Divisional results by quarter 3. Glossary
Slide 55: Asset Quality by Divisions
ASSET QUALITY BY DIVISIONS Net NPLs (€m) of which bad loans (€m) NPL coverage NPL as % of loans (“deteriorate”) (“sofferenze”) 3.9% 4.1% 63% 3.3% -30% 54% 55% Gross Mediobanca 844 874 +6% 1.8% 1.9% 1.3% Group 609 Net 76 78 83 Dec19 June20 Dec20 Dec19 June20 Dec20 Dec19 June20 Dec20 Dec19 June20 Dec2
Slide 56: Mediobanca Group P&L
MEDIOBANCA GROUP P&L 6M results as at December 2020 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec20 June20 Dec19 Dec20 Sept20 June20 Mar20 Dec19 Total income 1,301 1,188 1,325 -2% 675 626 606 582 641 Net interest income 720 721 722 - 363 357 361 360 362 Fee income 383 302 329 17% 194 189 143 159 174
Slide 57: Mediobanca Group A&L
MEDIOBANCA GROUP A&L 6M results as at December 2020 Annex 2 D D D €bn Dec20 Sept20 June20 Dec19 QoQ1 HoH1 YoY1 Funding 55.9 56.7 54.9 52.1 -1% +2% +7% Bonds 18.7 19.3 18.8 19.4 -3% -0% -3% Direct deposits (retail&PB) 24.6 24.2 23.8 21.9 +2% +3% +12% ECB 6.2 6.5 5.7 4.3 -5% +9% +43% Others 6.4 6.7 6.
Slide 58: Wealth Management Results
WEALTH MANAGEMENT RESULTS 6M results as at December 2020 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec20 June20 Dec19 Dec20 Sept20 June20 Mar20 Dec19 Total income 302 285 299 +1% 156 146 140 145 159 Net interest income 137 133 138 -1% 69 68 67 66 69 Fee income 160 148 158 +1% 85 76 72 77 89 Net trea
Slide 59: Consumer Banking Results
CONSUMER BANKING RESULTS 6M results as at December 2020 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec20 June20 Dec19 Dec20 Sept20 June20 Mar20 Dec19 Total income 515 539 532 -3% 256 260 266 273 264 Net interest income 448 474 474 -5% 223 226 237 237 239 Fee income 67 65 58 +16% 33 34 29 36 25 Total
Slide 60: CIB Results
CIB RESULTS 6M results as at December 2020 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec20 June20 Dec19 Dec20 Sept20 June20 Mar20 Dec19 Total income 364 244 332 +10% 182 183 139 104 182 Net interest income 149 135 136 +9% 77 72 69 67 67 Net treasury income 44 4 74 -41% 21 23 19 (15) 50 Fee income 17
Slide 61: Principal Investing Results
PRINCIPAL INVESTING RESULTS 6M results as at December 2020 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec20 June20 Dec19 Dec20 Sept20 June20 Mar20 Dec19 Total income 124 127 186 -33% 78 46 61 67 49 Impairments 19 (19) 8 6 13 21 (40) 5 Net result 128 108 187 -31% 77 52 70 38 51 Book value (€bn) 4.4 3.
Slide 62: Holding Function Results
HOLDING FUNCTION RESULTS 6M results as at December 2020 Annex 2 1H 2H 1H 2Q 1Q 4Q 3Q 2Q €m D YoY1 Dec20 June20 Dec19 Dec20 Sept20 June20 Mar20 Dec19 Total income 5 5 (11) 8 (3) 6 (1) (5) Net interest income (23) (24) (31) (9) (13) (14) (10) (15) Net treasury income 21 25 12 14 7 19 7 6 Fee income 7
Slide 63: 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 EPS adj. Earning per share adjusted1 SF Specialty finance ESG Environmental, Social, Governance CB Consumer banking FAs Fi
Slide 64: Disclaimer & Declaration of Head of Financial Reporting
DISCLAIMER & DECLARATION OF HEAD OF FINANCIAL REPORTING Disclaimer This document includes certain projections, estimates, forecasts and consequent targets which reflect the current views of Mediobanca – Banca di Credito Finanziario S.p.A. (the “Company”) with regard to future events (“forward-lookin
Slide 65: Investor Contact Details
INVESTOR CONTACT DETAILS 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 Marcella Malpangotto Tel. no. (0039) 02-8829.428 Email: investor.relation