Q3 2021 Mediobanca Banca di Credito Finanziario SpA Earnings Call Transcript
Good afternoon, ladies and gentlemen, and welcome to the Mediobanca Third quarter Results 2021. (Operator Instructions) And just to remind you all, this conference call is being recorded.
I would now like to hand over to the CEO, Mr. Alberto Nagel. Please go ahead, sir.
Thank you for joining the call. In commenting the 9-month results, I think it's important to stress the solid operating trend, which reverted into revenue growth of 3%, which was driven by all-time high fees and resilient NII. Fees is now representing 1/3 of the revenue and the 2 drivers are Wealth Management, which was up 5% and CIB, which was up 43%.
The cost of risk stayed at low levels with 51 basis points, but we have managed to increase the NP coverage, which was up 10% -- 10 points to 65%. Cost income in the ratio in the region of 46% despite important upgrade in distribution. And all this reverted in 9% increase in net profit and in 9% ROTE with a core Tier 1 up to 13 -- 16.3%,
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