Mediobanca - Banca Di Credito Finanziario S.p.a. · MIL:MB
Mediobanca - Banca Di Credito Finanziario — Mediobanca — FY2023 Earnings Presentation
64 slides from Mediobanca - Banca Di Credito Finanziario's earnings presentation, Jul 27, 2023
Slide 1: Mediobanca 12M Results as at 30 June 2023
MEDIOBANCA 12M RESULTS AS AT 30 JUNE 2023 Milan, 27 July 2023
Slide 2: Agenda
Agenda Section 1. Executive summary Section 2. FY23/4Q23 Group results Section 3. FY23/4Q23 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 3: Growth and 19-23 plan targets over-delivered, with attractive stakeholders' remuneration
GROWTH AND 19-23 PLAN TARGETS OVER-DELIVERED, WITH ATTRACTIVE STAKEHOLDERS’ REMUNERATION GROWTH Revenues +16% to an all-time high of €3.3bn, driven by business diversification NII +22% to ~€1.8bn, resilient fees, higher trading and strong INS results GOP +25% to over €1.6bn after a CoR @52bps (overl
Slide 4: The Group is now engaged in executing its new plan for 2023-26 One Brand-One Culture
THE GROUP IS NOW ENGAGED IN EXECUTING ITS NEW PLAN FOR 2023-26 “ONE BRAND-ONE CULTURE” Priority: set a distinctive Wealth Manager (WM) leveraging on unique Private & Investment Banking model Positive response to announcement of CheBanca! repositioning and rebranding as Mediobanca Premier Acceleratio
Slide 5: FY23: all-time high results
FY23: ALL-TIME HIGH RESULTS… REVENUES €3.3BN, NET PROFIT €1BN, ROTE AT 13% Executive summary Section 1 Financial results Highlights MEDIOBANCA GROUP – 12M as at June23 Growth in EPS: €1.21 up 15%; adj. €1.42 up 27% n. share/ow Growth in DPS: €0.85 up 13% with cash pay-out 70% EPS 12m DPS TBVPS treas
Slide 6: Backed by solid 4Q
BACKED BY SOLID 4Q >€880M REVENUES, €236M NET PROFIT (>€310M ADJ.) Executive summary Section 1 Group: sound quarter Mediobanca Group – 4Q results as at June23 High revenues (€887m, up 17% QoQ): growing NII, strong INS results, solid trading income, stable QoQ fees Revenues CoR Net profit CET1 FL1 Co
Slide 7: GOP scaled up to over €1.6bn: +25% YoY
GOP SCALED UP TO OVER €1.6BN: +25% YOY (4Y CAGR:+9%) Executive summary Section 1 MB Group GOP risk adj. trend (€m) +9% 4Y CAGR +25% +8% 1,621 +11% +16% 1,296 +6% +8% 1,140 1,142 -2% = +2% -34% C/I +68% 949 +5% +4% C/I C/I C/I 46% 47% 46% 43% C/I 47% GOP Revenues Costs LLPs GOP Revenues Costs LLPs GO
Slide 8: Driven by growing and diversified revenues
DRIVEN BY GROWING AND DIVERSIFIED REVENUES … Executive summary Section 1 Group revenues up 16% YoY at €3.3bn WM: double-digit growth driver with positive contribution from all divisions (Group revenues, €m, 12M) (WM revenues, €m, 12M) +13% 821 727 Fees +16% 55% NII 3,305 44% 2,851 Fees 12M June22 12
Slide 9: Selective and value-driven asset growth
SELECTIVE AND VALUE-DRIVEN ASSET GROWTH… Executive summary Section 1 Strong TFA gathering (to €88bn) €7.3bn NNM in FY23 AUM/AUA up 16% to €60bn, deposits resilient at €28bn ~€2bn from AUM, ~€6bn from AUA (Group TFAs, €bn) (12M NNM, €bn) +10% 3.5 Liquidity events 0.6 88.0 80.2 9.1 7.3 51.5 +16% 59.8
Slide 10: Enhanced RoRWA, including one-offs
ENHANCED RORWA, INCLUDING ONE-OFFS Executive summary Section 1 MB Group net profit YoY trend (€m) Divisional RoRWA (%) 2.0% RORWA up 40bps 2.4% 3.2% INS 3.0% 3.1% WM (101) (28) 2.9% CF +429 (121) 2.7% (60) 2.5% 907 1,027 1.2% CIB 1.3% Net profit Revenues 1 Costs LLPs Tax & Non Net profit FY22 FY23 F
Slide 11: Visible value creation
VISIBLE VALUE CREATION RECORD DPS €0.85 (UP 13% YOY) - CASH PAYOUT @70% - NEW BUYBACK FOR ~€200M Executive summary Section 1 EPS up to €1.21 DPS up to €0.85 TBVPS up to €11.6 (up 15% YoY) (up 13% YoY) (up 9% YoY) (€) (€) (€) Adj. €1.42 1.21 0.85 0.75 10.9 10.6 11.6 1.05 0.66 9.6 10.0 0.93 0.91 0.68
Slide 12: Targets BP23 over-delivered - new BP26 targets set
TARGETS BP23 OVER-DELIVERED - NEW BP26 TARGETS SET Executive summary Section 1 RWAs up to €51bn in FY23 and Revenues up to €3.3bn in FY23 and ✓ CET1 ratio up 15.9% in FY23 and ✓ remaining flat in next 3Y expected to reach €3.8bn in BP26T staying >14.5% in next 3Y (€bn) (€bn) +5% (%) 80 3YCAGR 3.8 0
Slide 13: BP19/23 ESG targets delivered
BP19/23 ESG TARGETS DELIVERED Executive summary Section 1 CSR target in BP19/23 FY23 delivery / Comments Avg. training hours up 25%, to enhance employees’ competences ✓ Target widely exceeded each year Targets achieved ~50% of female candidates to be considered for external selections ✓ New quantita
Slide 14: Agenda
Agenda Section 1. Executive summary Section 2. FY23/4Q23 Group results Section 3. FY23/4Q23 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 15: NII up in all interest rate scenarios
NII UP IN ALL INTEREST RATE SCENARIOS STRONG MOMENTUM IN LAST 12M, UP 22% YOY FY23/4Q23 Group results Section 2 NII trend (€m and CAGR %) NII by segment (€m) +22% 1,801 Group NII trend by Q 1,801 1,479 288 502 253 +14% 456 447 1,479 396 1,442 1,415 373 1,396 985 1,359 934 +5% 1,288 4Y CAGR +7% 1,207
Slide 16: Fees: high business diversification
FEES: HIGH BUSINESS DIVERSIFICATION WM AT ~50% OF TOTAL FY23/4Q23 Group results Section 2 Fee income trend (€m and CAGR %) Fees by segment (€m) -1% 851 844 851 844 Group fee trend by Q 745 -6% 289 262 306 205 210 185 187 622 611 630 138 124 +12% 523 450 4Y CAGR +8% 422 +7% 450 4Q22 1Q23 2Q23 3Q23 4Q
Slide 17: Cost/income ratio down @43%
COST/INCOME RATIO DOWN @43% RISING COSTS DRIVEN BY BUSINESS GROWTH MORE THAN OFFSET BY REVENUES FY23/4Q23 - Group results Section 2 MB Group cost/income trend (%, bps) MB Group cost by nature and division (€m) 1,413 1,312 33 29 1 +210bps +60bps (680bps) 38 C/I +90bps @46% C/I @43% (3pp) flat flat nm
Slide 18: CoR flat @52bps
COR FLAT @52bps WITH LIMITED OVERLAY RELEASE FY23/4Q23 Group results Section 2 CoR trend (bps) 12M COR 12M COR Group 52 bps Group 48 bps Consumer 145 bps Overlay stock trend (€m) Consumer 142 bps CIB (21) bps CIB 16 bps 160 141 146 142 141 148 133 138 CF ~300 ~285 ~270 ~60 ~45 ~40 71 60 Group 51 45
Slide 19: Prudent staging
PRUDENT STAGING GROSS NPL RATIO AT 2.5% AND COVERAGE RATIOS UP FY23/4Q23 - Group results Section 2 Gross NPLs – Stage 31 Net NPLs – Stage 31 ➢ Stage 3 – Gross NPLs flat vs June 22 level (Net exposure/Loans) at 2.5% of gross loans, with limited new 72% classifications in Corporate Lending 71% 8.0% 65
Slide 20: Excellent asset quality confirmed at all divisions
EXCELLENT ASSET QUALITY CONFIRMED AT ALL DIVISIONS FY23/4Q23 - Group results Section 2 Net NPLs (€m) of which bad loans (€m) NPL coverage NPLs as % of loans (“deteriorate”) (“sofferenze”) 71% 72% 2.5% 2.5% -3% -23% Gross Mediobanca 0.7% 0.7% Group 384 374 53 41 Net June22 June23 June22 June23 June22
Slide 21: Capital ratios high
CAPITAL RATIOS HIGH CET1 PHASE-IN AND FULLY LOADED @15.9% FY23/4Q23 - Group results Section 2 CET1 phased-in ratio 4Q trend CET1 phased-in ratio FY23 trend (145)bps +205bps 15.9% (20)bps 15.9% +10bps (20)bps (30)bps +25bps 15.7% 15.4% +45bps 15.4% 15.9% 15.6% 15.9% FL1 FL1 FL1 FL1 Mar23 Generated 70
Slide 22: FY23 results summary
FY23 RESULTS SUMMARY FY23/4Q23 Group results Section 2 Financial results Highlights €m 12M D 4Q23 3Q23 4Q22 Strong FY23 results, with net profit up 13% to over €1bn (~€1.2bn June23 YoY1 June23 Mar23 June22 adj) and high profitability: ROTE @13% and RoRWA @2.4% Total income 3,305 +16% 887 759 704 Mid
Slide 23: Net profit adjustments
NET PROFIT ADJUSTMENTS FY23/4Q23 Group results Section 2 €m FY23 KPI INS non-recurring revenues1 25 One-off in 4Q DGS contributions (25) To continue in FY24 SRF contributions (45) SRF ended in FY23. Not present in FY24 Asset impairment/disposal (68) One-off in 4Q Costs efficiency programme (26) One-
Slide 24: Sustainable banking
SUSTAINABLE BANKING FURTHER UPGRADE OF OUR ESG PROFILE FY23/4Q23 Group results Section 2 ENVIRONMENT SOCIAL GOVERNANCE ESG/green credit product footprint now Creation of the new Group D&I Code The next AGM (28 October 2023) will: material with ~ €4.1bn of stock o/w: 76% which, as part of the toDEI p
Slide 25: Agenda
Agenda Section 1. Executive summary Section 2. FY23/4Q23 Group results Section 3. FY23/4Q23 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 26: All divisions with high/growing RoRWA
ALL DIVISIONS WITH HIGH/GROWING RORWA FY23 Divisional results Section 3 RoRWA & Revenues (€m, 12M) GOP risk adj. (€m, 12M) Net profit (€m, 12M) Group ROTE (%) 5.0% 15.0% 12.7% 13.0% 4.5% +16% 4.0% 10.3% ROTE 11.0% +25% 9.0% +13% 3.5% Mediobanca 7.0% 3.0% 3,305 1,621 5.0% 2.5% 2,851 3.0% 1,296 1,027
Slide 27: WM: larger scale, higher profitability
WM: LARGER SCALE, HIGHER PROFITABILITY REVENUES > €820M, NET PROFIT ADJ. ~€180M; RORWA@3.1% FY23 Divisional results - WM Section 3 Financial results Highlights FY23 D 4Q23 3Q23 4Q22 In the last BP19-23 WM definitively transitioned to new larger €m June23 YoY1 June23 Mar23 June22 scale: TFA up to €88
Slide 28: In a different macro scenario
IN A DIFFERENT MACRO SCENARIO… FY23 Divisional results - WM Section 3 Assoreti NNM (AUM&AUA) by quarter (€bn) NNM 9.2bn 12.2bn 8.4bn 11.5bn 6.8bn 17.2bn 16.8bn % stock +1.5% +1.9% +1.3% +1.8% +1.1% +2.9% +2.9% Market - +2.0% -4.8% -7.4% -2.5% +1.5% +2.9% performance 16.2 12.4 13.1 9.5 7.6 6.8 5.8 3.
Slide 29: MB delivered sound performances in NNM and TFA
…MB DELIVERED SOUND PERFORMANCES IN NNM AND TFA €8BN AUM/AUA INFLOWS IN 12M, ow €2BN IN LAST Q FY23 Divisional results - WM Section 3 Group TFAs trend (€bn) MBWM: NNM by quarter (€bn) FY22: 9.1bn FY23: 7.3bn (o/w 5.6bn AUM/AUA) (o/w 7.9bn AUM/AUA) 88.0 80.2 0.5 7.3 1.1 0.8 20.5 0.9 0.1 12.9 NNM brea
Slide 30: Revenues and fees scaling up
REVENUES AND FEES SCALING UP WM CONTRIBUTION TO MB GROUP UP TO 25% REVENUES AND 50% OF FEES FY23 Divisional results - WM Section 3 WM contribution to MB Group (€m) WM fees by source (€m) and gross fee margin (%) 25% 25% 30% 0.93% 23% 24% 22% 25% 0.90% 1,000 821 Gross fee 16% 727 20% 0.87% margin1 Re
Slide 31: One Brand – One Culture
ONE BRAND – ONE CULTURE CHEBANCA! READY TO LEVERAGE MEDIOBANCA BRAND ATTRACTIVENESS FY23 Divisional results - WM Section 3 Scaling up both the distribution network … … and the service model to meet more sophisticated needs and skew toward higher-end + ~ 300 customers +307 ~ 1,350 500k-5M 1,087 ✓ Glo
Slide 32: Successful Private Investment Bank model
SUCCESSFUL “PRIVATE INVESTMENT BANK” MODEL FY23 Divisional results - WM Section 3 Mediobanca Mediobanca Private Banking Investment Banking Private Banking network Cumulated liquidity events Private Markets initiatives1 (€bn) (Mediobanca P-IB) +12 (€bn) €3.2bn committed €1.2bn AUM 149 €5.1bn 137 €4.4
Slide 33: Targets BP23 delivered - new BP26 targets set (WM)
TARGETS BP23 DELIVERED - NEW BP26 TARGETS SET FY23 Divisional results - WM Section 3 AUM/AUA up to €59bn in FY23 ✓ TFAs up to €88bn in FY23 ✓ Distribution network up to >1.2k ✓ Expected to reach €85bn in BP26T Expected to reach €115bn in BP26T Expected >1.5k in BP26T (€bn) +13% (€bn) (# professional
Slide 34: CIB: resilient performance in a declining IB market
CIB: RESILIENT PERFORMANCE IN A DECLINING IB MARKET NET PROFIT AT €225M, RORWA @1.2% FY23 Divisional results - CIB Section 3 Financial results2 Highlights Challenging market trend, as high volatility and high interest FY23 D 4Q23 3Q23 4Q22 €m June23 YoY1 June23 Mar23 June22 rates have heavily reduce
Slide 35: Targets BP23 delivered - new BP26 targets set (CIB)
TARGETS BP23 DELIVERED - NEW BP26 TARGETS SET FY23 Divisional results - CIB Section 3 Loan book up to €20bn in FY23 ✓ RWAs flat in BP19-23 ✓ Revenues up to €0.7bn in FY23 ✓ Expected flat in BP26T Expected down to €17bn in BP26T Expected €0.9bn in BP26T, more k-light (€bn) (€bn) (€bn) K-light 24% 27%
Slide 36: In a challenging environment
IN A CHALLENGING ENVIRONMENT… FY23 Divisional results - CIB Section 3 European Volumes on Completed Deals ($bn) Italian Volumes on Completed Deals ($bn) -19% -22% 813 802 815 80 757 680 695 67 18 652 601 602 595 606 573 2 547 456 414 328 432 543 521 529 52 498 512 28 49 407 339 42 476 320 271 377 38
Slide 37: Leadership in investment banking in Italy confirmed
LEADERSHIP IN INVESTMENT BANKING IN ITALY CONFIRMED… FY23 Divisional results - CIB Section 3 M&A Italy 2022/23 by Deal Value ($bn)1 ECM Italy 2022/23 ($m – Bookrunner)2 DCM Italy 2022/23 (Bookrunner)3 #deals #deals #deals 1 57.6 37 1 668.2 4 1 IMI 65% 42 2 GS 56.1 13 2 BofA 660.2 4 2 UCG 60% 39 3 MS
Slide 38: Demonstrating ability to navigate the market, with resilient M&A performance
DEMONSTRATING ABILITY TO NAVIGATE THE MARKET, WITH A RESILIENT PERFORMANCE IN M&A… FY23 Divisional results - CIB Section 3 In last 12M1: over 37 transactions have been completed for a Selected M&A Large Corp Transactions total volume of $57.6bn; MB was involved in the most significant May 2023 March
Slide 39: As well as in capital markets and lending
AS WELL AS IN CAPITAL MARKETS AND LENDING… FY23 Divisional results - CIB Section 3 Selected ECM Transactions Uncertainty and recession concerns slowed down ECM activity, but a few secondary offerings and notable IPOs took place, such as May 2023 May 2023 February 2023 November 2022 September 2022 Lo
Slide 40: Establishing a European leadership in technology with Arma Partners
AND ESTABLISHING A EUROPEAN LEADERSHIP IN TECHNOLOGY WITH ARMA PARTNERS FY23 Divisional results - CIB Section 3 The leading technology advisory franchise in Europe Strong rationale Arma Partners (Arma) is a leading international advisory Specialized positioning as financial advisor of scale in Europ
Slide 41: CF: solid business model with high and resilient profitability
CF: SOLID BUSINESS MODEL WITH HIGH AND RESILIENT PROFITABILITY RECORD NET PROFIT TO ~€380M ADJ; RORWA@2.9% FY23 Divisional results - CF Section 3 Financial results Highlights FY23 D 4Q23 3Q23 4Q22 €m June23 YoY1 June23 Mar23 June22 CF best-ever 12M net profit (€374m, but ~€380m adj; RoRWA Total inco
Slide 42: Strategic distribution independence enhanced by proprietary and digital platforms
STRATEGIC DISTRIBUTION INDEPENDENCE ENHANCED BY PROPRIETARY AND DIGITAL PLATFORMS FY23 Divisional results - CF Section 3 New personal loans by channel (12M, €bn) BNPL new business (6M, €m) -3% YoY FY23: 190m +24% YoY (14% of total 1.4bn SP loans) 140.0 18% FY22: 68m 16% 16% 120.0 (6% of total 1.2bn
Slide 43: Proprietary platform proved to be key in repricing environment
PROPRIETARY PLATFORM PROVED TO BE KEY IN REPRICING ENVIRONMENT FY23 Divisional results - CF Section 3 Compass direct distribution platform trend Compass loan book profitability (12M, %) Compass Link agents: #90 #175 400 +57% up # 113 7.2% 7.0% 7.0% 7.0% 350 303 312 6.8% 300 279 261 57 59 250 48 48 5
Slide 44: Targets BP23 delivered - new BP26 targets set (CF)
TARGETS BP23 DELIVERED - NEW BP26 TARGETS SET FY23 Divisional results - CF Section 3 New loans up to €8bn in FY23 ✓ New PL directly distributed up 75% ✓ Loan book up to €14.5bn in FY23 ✓ Expected up to €9.3bn in BP26T Expected to become 85% in BP26T Expected >€16bn in BP26T (€bn) +6% (% on total per
Slide 45: Strong asset quality confirmed
STRONG ASSET QUALITY CONFIRMED FY23 Divisional results - CF Section 3 Ongoing healthy trend in early risk indicators … … keeping CoR at a very low level … Early deterioration index (3 months average) LLPs (€m) and cost of risk (bps) 380 80.0 150 330 70.0 60.0 248 280 196 183 50.0 174 160 230 100 133
Slide 46: Insurance: solid contribution
INSURANCE: SOLID CONTRIBUTION FY23 Divisional Results – Insurance Section 3 Financial results Highlights FY23 D 4Q23 3Q23 4Q22 €m June23 YoY1 June23 Mar23 June22 FY23 net profit of €440m, up 37% YoY driven by: higher revenues (up 25% YoY) fostered by solid AG Total income 464 +25% 170 95 101 contrib
Slide 47: HF – improved results
HF – IMPROVED RESULTS FY23 Divisional results - HF Section 3 Financial results3 Highlights FY23 D 4Q23 3Q23 4Q22 €m June23 YoY1 June23 Mar23 June22 Net loss of €95m, 42% lower than FY22, reflecting: Total income 220 n.m. 90 49 14 Revenues up almost 3x, due to positive NII sensitivity to Net interest
Slide 48: Funding sources managed actively and efficiently
FUNDING SOURCES MANAGED ACTIVELY AND EFFICIENTLY ~ €12.5BN RAISED IN LAST 12M AT ~94BPS VS EUR3M AVG COST FY23 Divisional results - HF Section 3 Solid funding performance, with strong bond issuance to overfund expiring bonds and prepay/smooth TLTRO (€bn) (€bn, cost in bps vs Eur3M) 61.2 60.5 5.4 4.5
Slide 49: Solid funding and liquidity indicators
SOLID FUNDING AND LIQUIDITY INDICATORS FY23 Divisional results - HF Section 3 Buffer comfortably above MREL requirement Solid liquidity indicators MREL req. for 2023 broadly stable at 22.13% (21.84% for 2022) MREL Liabilities: (%) 36.1%RWA Senior 180% 14% 172% bonds: 16.3% LCR 159% 154% 157% SNP: 1.
Slide 50: Agenda
Agenda Section 1. Executive summary Section 2. FY23/4Q23 Group results Section 3. FY23/4Q23 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 51: Closing remarks
CLOSING REMARKS FY23: strong end to the BP19-23 plan, with targets over-delivered and record net profit Mediobanca has reaffirmed its ability to grow and deliver BP targets in all macro scenarios and despite crisis Growth and quality confirmed TFAs: up 10%1 to €88bn C/I ratio at 43% Loans: up 4%1 to
Slide 52: Mediobanca 12M Results as at June 2023
MEDIOBANCA 12M RESULTS AS AT 30 JUNE 2023 Milan, 27 July 2023
Slide 53: Agenda
Agenda Section 1. Executive summary Section 2. FY23/4Q23 Group results Section 3. FY23/4Q23 Divisional results Section 4. Closing remarks Annexes 1. Macro scenario 2. Divisional tables
Slide 54: Macro scenario ahead
MACRO SCENARIO AHEAD Scenario macro Annex 1 2023 2024 2025 2026 5 3.50 3.75 IT GDP (y/y) 0.7% 1.3% 1.2% 1.3% 4 EA GDP (y/y) 0.5% 1.8% 2.3% 2.2% 3 IT Inflation (y/y) 6.9% 3.5% 2.7% 2.1% 2 IT Core Infl. (y/y) 4.0% 2.7% 2.1% 2.0% 2.25 1 IT Unemp. Rate 8.5% 8.4% 8.2% 8.1% ECB Deposit Facility 2 2.1% 3.8
Slide 55: Mediobanca Group P&L
MEDIOBANCA GROUP P&L Divisional tables Annex 2 12M 12M D €m 4Q23 3Q23 2Q23 1Q23 4Q22 June23 June22 YoY1 Total income 3,305 2,851 +16% 887 759 902 757 704 Net interest income 1,801 1,479 +22% 502 456 447 396 373 Fee income 844 851 -1% 187 185 262 210 205 Net treasury income 206 162 +27% 33 24 84 65 2
Slide 56: Mediobanca Group A&L
MEDIOBANCA GROUP A&L Divisional tables Annex 2 D D €bn June23 Mar23 Dec22 Sept22 June22 QoQ1 YoY1 Funding 60.5 58.8 62.0 60.3 61.2 +3% -1% Bonds 22.3 21.4 20.6 18.6 18.5 +4% +20% WM deposits 28.2 27.5 28.8 28.7 28.8 +3% -2% ECB 5.6 6.2 8.0 8.4 8.4 -11% -34% Others 4.5 3.6 4.5 4.5 5.4 +23% -17% Loans
Slide 57: Wealth Management results
WEALTH MANAGEMENT RESULTS Divisional tables Annex 2 12M 12M D €m 4Q23 3Q23 2Q23 1Q23 4Q22 June23 June22 YoY1 Total income 821 727 +13% 207 206 209 199 183 Net interest income 362 295 +23% 96 93 88 84 76 Fee income 450 422 +7% 108 111 118 112 105 Net treasury income 9 10 -9% 2 2 3 2 3 Total costs (55
Slide 58: CIB results
CIB RESULTS Divisional tables Annex 2 12M 12M D €m 4Q23 3Q23 2Q23 1Q23 4Q22 June23 June22 YoY1 Total income 712 639 +11% 148 135 248 182 142 Net interest income 288 253 +14% 79 74 68 67 62 Fee income 289 306 -6% 51 53 117 69 68 Net treasury income 135 80 +68% 18 8 63 47 12 Total costs (327) (298) +1
Slide 59: Consumer Finance results
CONSUMER FINANCE RESULTS Divisional tables Annex 2 12M 12M D €m 4Q23 3Q23 2Q23 1Q23 4Q22 June23 June22 YoY1 Total income 1,123 1,058 +6% 282 281 284 276 269 Net interest income 985 934 +5% 245 247 249 243 236 Fee income 138 124 +12% 37 34 35 33 33 Total costs (347) (315) +10% (96) (88) (86) (78) (87
Slide 60: Insurance results
INSURANCE RESULTS Divisional tables Annex 2 12M 12M D €m 4Q23 3Q23 2Q23 1Q23 4Q22 June23 June22 YoY1 Total income 464 372 +25% 170 95 111 87 101 Impairments 2 (32) n.m. 5 9 (1) (11) (27) Net result 440 320 +37% 157 100 105 78 69 Book value (€bn) 4.2 3.9 +9% 4.2 2.9 3.0 3.3 3.9 Ass. Generali (13%) 3.
Slide 61: Holding Functions results
HOLDING FUNCTIONS RESULTS Divisional tables Annex 2 12M 12M D €m 4Q23 3Q23 2Q23 1Q23 4Q22 June23 June22 YoY1 Total income 220 79 n.m. 90 49 62 19 14 Net interest income 145 (22) n.m. 77 36 35 (3) (5) Net treasury income 43 48 -11% 5 11 14 12 7 Fee income 33 53 -39% 7 2 13 11 12 Total costs (202) (20
Slide 62: Glossary
GLOSSARY MEDIOBANCA BUSINESS SEGMENT PROFIT & LOSS (P&L) and BALANCE SHEET CIB Corporate and investment banking FAs Financial Advisors WB Wholesale banking FVOCI Fair Value to Other Comprehensive Income GOP Gross operating profit SF Specialty finance Leverage ratio CET1 / Total Assets (FINREP defini
Slide 63: 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 64: 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