Banca Mediolanum (OTCPK:BNMDF)

Q3 2024 Banca Mediolanum SpA Earnings Call Transcript

Nov 07, 2024 / 03:30PM GMT

Release Date Price: $10.45

Transcript

Key Points

Positve

Banca Mediolanum (STU:ME1) reported a record-breaking net income of EUR 674.3 million for the first nine months of 2024, an 18% increase compared to the same period last year.
Net commission income saw significant double-digit growth, up 13% to over EUR 874 million, driven by strong recurring fees.
The company achieved a substantial increase in total inflows, reaching EUR 7.16 billion for the nine months, a 28% rise, with managed assets almost doubling last year's figure.
Banca Mediolanum (STU:ME1) maintained a strong capital base with a CET1 ratio of 23.4%, providing a solid platform for future growth.
The company announced a higher interim dividend of EUR 0.37 per share, reflecting confidence in its financial performance and future prospects.

Negative

The cost/income ratio, although improved, still reflects increased bonus provisions linked to stronger inflows, indicating rising operational costs.
There was a slight decrease in net interest income in Q3 compared to Q2, attributed to promotional initiatives and a turnaround in the credit book trend.
The acquisition costs to gross commission ratio edged up slightly in Q3, driven by increased bonus provisions.
The company anticipates a slight decrease in net interest income by approximately 3% in 2025 due to market expectations regarding the yield curve.
The increase in provisions for risks and charges was noted, attributed to changes in interest rates impacting the discount rate.

Operator

Good day, and thank you for standing by. Welcome to the Banca Mediolanum nine months 2024 Results Conference Call and Webcast.

(Operator Instructions)

Please be advised that today's conference being recorded. I would now like to turn the conference over to Alessandra Lanzone, Head of Investor Relations. Please go ahead, Madam.

Alessandra Lanzone

Banca Mediolanum SpA - Head of Investor Relations

Hello, everyone, and welcome to the webcast presenting Banca Mediolanum results for the nine months. Before we start, please remember to ask your question. following the language of the line you're calling from. Regardless answers we provided in Italian with an English translation. Next, let me introduce you to our CEO, Massimo Doris, who will lead us through the presentation today. Accompanying him is our CFO, Angelo Lietti. Massimo, the floor is yours.

Massimo Doris

Banca Mediolanum SpA - Chief Executive Officer, Executive Director

Thank you, Alessandra. Good afternoon, ladies and gentlemen. It's always

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