Mediobanca - Banca di Credito Finanziario SpA (MDIBF) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and thank you for joining us. Today I will give you some highlights on Mediobanca's results for the six months ended 30 June 2026. We close the first half of the year with the best revenues and net profit in our history, delivering record results, particularly for corporate and investment banking and for consumer finance. These results once again demonstrate the strength of our diversified business model, the quality and commitment of our people, and the discipline with which we manage growth, cost and risk. The six months also confirm our ability to execute during a period of transition, While wealth management continued to operate in a stabilization phase, consumer finance maintained excellent commercial momentum, corporate and investment banking delivered an outstanding performance, and several initiatives connected to the integration with MPS have already started across all business segments. Let me start with the highlights of the six-month performance. Revenues almost reached €2 billion for the first time, increasing by 6% year-on-year. Growth was driven by the excellent performance of corporate and investment banking, by the continued expansion of consumer finance and by the strong contribution from insurance and principal investing, more than offsetting the temporary slowdown in the wealth management. At the same time, we maintain a very strong focus on operating efficiency. Cost declined by 2%. As a result, the cost-income ratio improved to 30%, three percentage points better than last year. These dynamics translated to a gross operating profit of almost 1.2 billion, up 12% year on year, and a net profit of 711 million, up 6% despite higher tax rate. Return on tangible equity increased to 14.9%, confirming the quality and sustainability of our e...