The CEO of Mediobanca, Alberto Nagel
Mediobanca, profit soars and exceeds the objectives of the industrial plan
Record results for Mediobanca. In this moment of rising rates this is nothing new, so much so that all lenders – from Understanding a Unicredit until Bpm – they were able to toast. Piazzetta Cuccia is no exception: profits in the first half (Piazzetta Cuccia closes the financial statements at 30 June) reached 555 million, up 6% but above all higher than the expectations of the industrial plan. Not only that: in the second quarter, net income reached 293 million, which is an all-time record. Record that is also represented from the over 900 million exceeded in the second quarter of the year.
The CEO Alberto Nagel rejoices: “The highest level ever achieved in revenues (1.660 million euro), half-yearly profit (555 million) and profitability (Rote of 14% on the maximum levels of European banks) derives from the strong positioning of the Group in businesses creating a steady growth over the past 15 years. The Group has been able to best adapt to the new macro context by recording a robust trend in the interest margin, prudent risk-taking and strong capital generation and endowment”.
Nagel’s plan is clear: wealth management needs to be strengthenedwhile the increase in interest rates also led to an increase in margins for Compass. In recent days we had already wondered about the possibility of new acquisitions by Mediobanca. Eliminated Fineco which is now worth 10.5 billion, could come back in the crosshairs Banca Generali, which closed its financial statements with declining profits. Well, we’ll see. But Alberto Nagel can toast to a new success, a further cartridge to his arsenal in view of the renewal of the bank’s top management which will arrive in the autumn.
At the moment Francesco Milleri is busy settling the disputes over Leonardo Del Vecchio’s legacy. But the solution will have to be found by June, then we’ll get back to talking about Piazzetta Cuccia. It is no mystery that the founder of Luxottica was ready to “rise” further, negotiating an investment method with the ECB that remained solely financial but guaranteed him greater decision-making weight. The strategy had been suggested by Milleri who now finds himself, together with Romulus Bardin, to manage the future of Delfin. Will we go back to dancing? Nagel is calm, he has the weight of numbers on his side.
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