Mediobanca SpA (LTS:0HBF)
€ 14.1775 0.0775 (0.54%) Market Cap: 12.00 Bil Enterprise Value: 35.44 Bil PE Ratio: 14.32 PB Ratio: 1.09 GF Score: 77/100
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Half Year 2024 Mediobanca Banca di Credito Finanziario SpA Earnings Call Transcript

Feb 09, 2024 / 09:00AM GMT
Release Date Price: €11.7 (-1.58%)
Alberto Nagel
Mediobanca Banca di Credito Finanziario SpA - CEO and Executive Director

Good morning, and thank you for joining the call. In this first half of the year, we have delivered strong and capital efficient growth. And what is even more important is that we are implementing the new vision of the group. In fact, in this first half, we're increasing TFA by EUR5.5 billion, with the EUR4 billion of net new money, which is a quite a good level compared to the standard of the industry.

We have, in the meantime, reduced by 5% RWA to EUR49 billion through the optimization of CIB. This led to an increase of 4% of revenues to EUR1.7 billion and a 10% increase in overall profitability. CET was at 15.3%, with 150 bps of capital generation, fronting the M&A and the share buybacks. There's been a visible value creation with the ROTE up to 13.3%, a double-digit increase, both in EPS and in tangible book value per share to 12%.

So this strong growth, coupled with the strong capital generation, is allowing a good capital distribution. So we have introduced the first interim dividend, which

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