Mediobanca - Banca di Credito Finanziario SpA (MDIBF) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to everybody for attending the call of our full year results. This is, as you know, our first year of the plan. And the plan was branded the one brand, one culture. And this year led to a strong and capital efficient growth across the board. We had growth in revenue up 9% to 3.6 billion, all division growing with the two positive elements. The growth is where we want to grow, so in TFA, which were up 13% to 100 billion, and RWA overall, so the attention on capital allocation was higher, and we managed to reduce RWA by 7% to 48 billion. So both NII and fees grew to this number, and we had even a stronger growth in insurance. GOP went up 12%, flat cost income and reduced score made a 24% increase in net profit and even steeper increase in EPS, thanks also to the buyback, which was up 27% to 1.43 euro per share. Tangible book value flat, wrote at 14%, an important increase in RORVA, up 30 basis points to 2.7%. CHAT1 was very robust. We managed to have a 90 bps increase queue on queue to 16.1, and then we announced a buyback, which is part of our attractive remuneration strategy. So this year, full year, we have had a total distribution of 1.1 billion, 10% of market cap and roughly 50% increase year on year, out of which The vast majority, so roughly 900 is cash dividend, plus the $200 million of buyback we made last year. So given the strong capital ratio and coherently with our remuneration policy, we have approved yesterday a new share buyback of $300 million. and 385 million Euro to be executed in after the approval of AGM, but is already, according to rules, already upfronted in CHET-1, which is likely 90, 95 bits of capital consumption. We are on track to deliver our non-financial target in the ESG sector. The main, I would say, feature of this year we...