Q2 2024 Banca Mediolanum SpA Earnings Call Transcript
Key Points
- Net income reached EUR449.9 million, a 24% increase compared to H1 last year.
- Net commission income rose by 15% to EUR587.4 million, driven by higher average AUM and strong inflows into managed assets.
- Record-breaking operating margin of EUR566 million, a 22% increase for the half year.
- Total net inflows for H1 were EUR5.66 billion, a 21% increase, with managed asset flows surpassing EUR3 billion, up 43% from H1 last year.
- CET1 ratio improved to 23.7%, providing a strong capital position and flexibility for future growth and dividend distributions.
- Net interest income (NII) decreased by 10% in Q2 due to higher customer cost of funding from the six-month promo offer.
- General and administrative (G&A) costs increased by 9%, driven by higher marketing expenses and contributions to the banking industry.
- Loans granted were down 35% year-on-year due to a lower appetite tied to the high interest rate environment.
- The cost-income ratio, although improved, still requires careful management to maintain around 40%.
- Potential impact of Basel III final regulations expected to reduce CET1 ratio by approximately 2 percentage points.
Hello, everyone, and welcome to the webcast presenting our Banca Mediolanum's first half results. We appreciate you joining us today as we delve into our latest performance and highlights. Before we start, please remember to ask your questions according to the language you're calling from, the line you're calling from.
In any case, the answers will be in Italian with an English translation. Now I'll hand things over to our CEO, Massimo Doris, who will guide us through the presentation, and joining him is our CFO, Angelo Lietti. Massimo, take it away. Thank you.
Thank you Alessandra, and good afternoon, everybody. It's a real pleasure to be with you today, and I'm proud to take you through a recap of Banca Mediolanum's performance over the half year, and examining the key highlights and strategic initiatives that have driven our progress and touch on how we plan to maintain this momentum.
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