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Mediobanca

Mediobanca's net profit fell 2.31% yoy to EUR 200 mil in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca made a net profit of EUR 200 mil under revenues of EUR 593 mil in the fourth quarter of 2019, down 2.31% and up ...

Mediobanca's net profit fell 2.31% yoy to EUR 200 mil in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca made a net profit of EUR 200 mil under revenues of EUR 593 mil in the fourth quarter of 2019, down 2.31% and up ...

Mediobanca's price/earnings (P/E) rose 36.2% yoy to 10.9 in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca stock traded at EUR 9.81 per share at the end fourth quarter of 2019 implying a market capitalization of USD 9,777 mil. Sinc...

Profit Statement 2017 2018 2019
Net Interest Income EUR mil 1,359 1,450 1,510
Net Fee Income EUR mil 378 456 440
Other Income EUR mil 584 495 443
Total Revenues EUR mil 2,321 2,401 2,393
Staff Cost EUR mil 532 558 581
Operating Profit EUR mil 1,051 1,087 1,132
Provisions EUR mil 286 209 210
Net Profit EUR mil 691 813 835
Balance Sheet 2017 2018 2019
Interbank Loans EUR mil 8,637 7,999 10,513
Customer Loans EUR mil 38,086 40,532 46,087
Total Assets EUR mil 70,446 72,301 78,245
Shareholders' Equity EUR mil 9,192 9,732 9,899
Interbank Borrowing EUR mil 15,500 15,716 18,640
Customer Deposits EUR mil 19,788 20,513 23,517
Issued Debt Securities EUR mil 20,109 20,609 20,078
Ratios 2017 2018 2019
ROE % 7.57 8.59 8.51
ROA % 2.90 2.77 2.61
Costs (As % Of Assets) % 3.51 3.34 2.91
Costs (As % Of Income) % 54.7 54.7 52.7
Capital Adequacy Ratio % 16.9 18.1 17.5
Net Interest Margin % 1.94 2.03 2.01
Loans (As % Of Deposits) % 192 198 196
NPLs (As % Of Loans) % 5.19 5.31 4.80
Provisions (As % Of NPLs) % 75.0 68.1 60.4
Valuation 2017 2018 2019
Price/Earnings (P/E) 10.8 8.46 9.51
Price/Book Value (P/BV) 0.812 0.708 0.803
Dividend Yield % 4.28 5.90 5.18
Earnings Per Share (EPS) EUR 0.802 0.941 0.954
Book Value Per Share EUR 10.6 11.2 11.3
Dividend Per Share EUR 0.370 0.470 0.470

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summary Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                                
Net Interest Income EUR mil                                                   1,113 1,146 1,190 1,281 1,359    
Total Revenues EUR mil                                                   1,547 1,850 1,984 1,988 2,321    
Operating Profit EUR mil                                                   733 998 1,066 969 1,051    
Net Profit EUR mil                                                   -176 467 592 623 691    
balance sheet                                                                
Interbank Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           7,391 9,865 9,768 8,954 8,637    
Customer Loans EUR mil                                                   33,878 32,046 33,433 34,314 38,086    
Debt Securities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           19,568 16,544 15,537 14,976 13,377    
Total Assets EUR mil                                                   72,841 70,464 70,711 69,819 70,446    
Shareholders' Equity EUR mil                                                   7,066 8,066 8,995 9,070 9,192    
Interbank Borrowing EUR mil                                                   15,214 15,111 18,111 15,940 15,500    
Customer Deposits EUR mil                                                   15,301 15,363 15,395 15,791 19,788    
Issued Debt Securities EUR mil                                                   26,695 23,330 20,155 21,813 20,109    
ratios                                                                
ROE % ...                                                 -2.56 6.17 6.94 6.90 7.57    
ROA % ...                                                 2.06 3.03 3.26 2.86 2.90    
Costs (As % Of Assets) % ...                                                 2.29 2.58 2.80 3.01 3.51    
Costs (As % Of Income) %                                                   52.6 46.0 46.3 51.2 54.7    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...       ...         15.6 13.8 14.9 15.3 16.9    
Net Interest Margin % ...                                                 1.47 1.60 1.69 1.82 1.94    
Interest Income (As % Of Revenues) %                                                   71.9 61.9 60.0 64.4 58.5    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...                                       19.9 18.1 18.5 16.2 16.3    
Staff Cost (As % Of Total Cost) %                                                   47.1 44.5 45.7 43.5 41.9    
Equity (As % Of Assets) %                                                   20.9 25.2 26.9 26.4 24.1    
Loans (As % Of Deposits) %                                                   221 209 217 217 192    
Loans (As % Assets) %                                                   46.5 45.5 47.3 49.1 54.1    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ...                 ... ... ...   ...         4.93 6.75 6.83 2.84 5.19    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ...           ... ... ...   ...         59.3 58.2 61.6 142 75.0    
valuation                                                                
Market Capitalisation (End Of Period) USD mil                                                   4,391 8,427 8,351 4,882 8,534    
Number Of Shares (Average) mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 892 881 879 867 864    
Share Price (End Of Period) EUR                                                   4.00 7.28 8.80 5.16 8.64    
Earnings Per Share (EPS) EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 -0.210 0.532 0.383 0.721 0.802    
Book Value Per Share EUR ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 7.92 9.16 10.2 10.5 10.6    
Dividend Per Share EUR                                         ...         0 0.150 0.250 0.270 0.370    
Price/Earnings (P/E) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 ... 13.7 23.0 7.15 10.8    
Price/Book Value (P/BV) ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 0.505 0.795 0.860 0.493 0.812    
Dividend Yield %                                         ...         0 2.06 2.84 5.24 4.28    
Earnings Per Share Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...               -333 -353 -28.1 88.5 11.1    
Book Value Per Share Growth % ...                                                 5.49 15.6 11.7 2.22 1.75    
income statement Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
income statement                                                                
Interest Income EUR mil                                                   2,773 2,465 2,139 1,987 1,998    
Interest Cost EUR mil                                                   1,660 1,319 949 706 639    
Net Interest Income EUR mil                                                   1,113 1,146 1,190 1,281 1,359    
Net Fee Income EUR mil ... ... ... ... ... ...                                       308 335 366 323 378    
Other Income EUR mil ... ... ... ... ... ...                                       126 370 427 385 584    
Total Revenues EUR mil                                                   1,547 1,850 1,984 1,988 2,321    
Staff Cost EUR mil                                                   384 379 419 443 532    
Depreciation EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 19.1 18.2 19.2 19.6 17.6    
Other Cost EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...                 411 455 479 556 721    
Operating Cost EUR mil                                                   814 852 918 1,019 1,270    
Operating Profit EUR mil                                                   733 998 1,066 969 1,051    
Provisions EUR mil                                                   510 682 469 399 286    
Extra and Other Cost EUR mil                                                   246 -188 -164 -193 -66.4    
Pre-Tax Profit EUR mil                                                   -22.8 504 761 763 831    
Tax EUR mil                                                   158 40.5 165 137 148    
Minorities EUR mil                                                   -4.17 -3.41 3.09 3.07 -7.95    
Net Profit EUR mil                                                   -176 467 592 623 691    
Dividends EUR mil                                         ...         0 127 213 231 320    
growth rates                                                                
Net Interest Income Growth % ...                                                 -5.62 2.97 3.87 7.64 6.08    
Net Fee Income Growth % ... ... ... ... ... ... ...                                     -21.3 8.68 9.40 -11.9 17.1    
Total Revenue Growth % ...                                                 3.73 19.6 7.21 0.238 16.7    
Operating Cost Growth % ...                                                 -2.20 4.62 7.72 11.0 24.7    
Operating Profit Growth % ...                                                 11.2 36.2 6.77 -9.05 8.40    
Pre-Tax Profit Growth % ...                                                 -111 -2,309 51.0 0.347 8.91    
Net Profit Growth % ...                                                 -317 -365 26.9 5.22 10.9    
balance sheet Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
balance sheet                                                                
Cash EUR mil                                                   28.8 33.9 49.0 156 1,330    
Interbank Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           7,391 9,865 9,768 8,954 8,637    
Customer Loans EUR mil                                                   33,878 32,046 33,433 34,314 38,086    
Retail Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   28,346 26,596 28,427 27,576 30,385    
Mortgage Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   18,747 16,676 17,676 18,444 19,845    
Consumer Loans EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   9,599 9,920 10,750 9,132 10,540    
Debt Securities EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...           19,568 16,544 15,537 14,976 13,377    
Fixed Assets EUR mil                                                   295 306 309 305 306    
Intangible Assets EUR mil ... ... ... ... ... ... ... ...                                   412 409 410 453 552    
Goodwill EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ...     ... ...               366 366 374 417 484    
Total Assets EUR mil                                                   72,841 70,464 70,711 69,819 70,446    
Shareholders' Equity EUR mil                                                   7,066 8,066 8,995 9,070 9,192    
Of Which Minority Interest EUR mil                                                   107 105 108 89.2 82.7    
Liabilities EUR mil                                                   65,776 62,398 61,716 60,749 61,254    
Interbank Borrowing EUR mil                                                   15,214 15,111 18,111 15,940 15,500    
Customer Deposits EUR mil                                                   15,301 15,363 15,395 15,791 19,788    
Sight Deposits EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         3,360 4,282 6,949 9,241 13,977    
Term Deposits EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         10,221 9,410 7,116 5,477 4,592    
Issued Debt Securities EUR mil                                                   26,695 23,330 20,155 21,813 20,109    
Other Liabilities EUR mil                                                   8,565 8,594 8,055 7,205 5,857    
asset quality                                                                
Non-Performing Loans EUR mil ... ... ... ... ... ... ... ...                 ... ... ...   ...         1,720 2,253 2,385 1,017 2,056    
Gross Loans EUR mil                                         ...         34,899 33,357 34,902 35,759 39,627    
Total Provisions EUR mil ... ... ...       ... ... ... ... ...                   ...         1,021 1,311 1,470 1,445 1,542    
growth rates                                                                
Customer Loan Growth % ...                                                 -9.14 -5.41 4.33 2.64 11.0    
Retail Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -6.60 -6.17 6.88 -2.99 10.2    
Mortgage Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... -11.1 -11.0 6.00 4.34 7.60    
Consumer Loan Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3.53 3.34 8.37 -15.1 15.4    
Total Asset Growth % ...                                                 -7.42 -3.26 0.350 -1.26 0.898    
Shareholders' Equity Growth % ...                                                 5.33 14.2 11.5 0.831 1.34    
Customer Deposit Growth % ...                                                 -2.21 0.401 0.210 2.57 25.3    
ratios Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
ratios                                                                
ROE % ...                                                 -2.56 6.17 6.94 6.90 7.57    
ROA % ...                                                 2.06 3.03 3.26 2.86 2.90    
Costs (As % Of Assets) % ...                                                 2.29 2.58 2.80 3.01 3.51    
Costs (As % Of Income) %                                                   52.6 46.0 46.3 51.2 54.7    
Capital Adequacy Ratio % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...   ...       ...         15.6 13.8 14.9 15.3 16.9    
Tier 1 Ratio % ... ... ... ... ... ... ... ... ... ... ...   ...               ...         11.8 11.1 12.0 12.1 13.3    
Net Interest Margin % ...                                                 1.47 1.60 1.69 1.82 1.94    
Interest Spread % ...                                                 1.25 1.38 1.50 1.67 1.80    
Asset Yield % ...                                                 3.66 3.44 3.03 2.83 2.85    
Cost Of Liabilities % ...                                                 2.41 2.06 1.53 1.15 1.05    
Payout Ratio %                                         ...         0 27.2 35.9 37.1 46.3    
Interest Income (As % Of Revenues) %                                                   71.9 61.9 60.0 64.4 58.5    
Fee Income (As % Of Revenues) % ... ... ... ... ... ...                                       19.9 18.1 18.5 16.2 16.3    
Other Income (As % Of Revenues) % ... ... ... ... ... ...                                       8.17 20.0 21.5 19.3 25.2    
Cost Per Employee USD per month ... ... ... ... ... ...                             ...         11,561 11,038 10,568 9,813 10,374    
Cost Per Employee (Local Currency) EUR per month ... ... ... ... ... ...                             ...         8,709 8,563 9,219 9,153 9,239    
Staff Cost (As % Of Total Cost) %                                                   47.1 44.5 45.7 43.5 41.9    
Equity (As % Of Assets) %                                                   20.9 25.2 26.9 26.4 24.1    
Loans (As % Of Deposits) %                                                   221 209 217 217 192    
Loans (As % Assets) %                                                   46.5 45.5 47.3 49.1 54.1    
NPLs (As % Of Loans) % ... ... ... ... ... ... ... ...                 ... ... ...   ...         4.93 6.75 6.83 2.84 5.19    
Provisions (As % Of NPLs) % ... ... ... ... ... ... ... ... ... ... ...           ... ... ...   ...         59.3 58.2 61.6 142 75.0    
Provisions (As % Of Loans) % ... ... ...       ... ... ... ... ...                   ...         3.01 4.09 4.40 4.21 4.05    
Cost of Provisions (As % Of Loans) % ...                                                 1.43 2.07 1.43 1.18 0.790    
other data Unit 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
other data                                                                
Branches ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         ...         208 215 221 222 307    
Employees ... ... ... ... ... ...                             ...         3,673 3,688 3,790 4,036 4,798    
Sight (As % Of Customer Deposits) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...         22.0 27.9 45.1 58.5 70.6    
Risk-Weighted Assets EUR mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...     ...         52,372 58,744 59,577 53,862 52,708    
Return on Loans %                                                   -0.495 1.42 1.81 1.84 1.91    
Operating Profit (As % of Loans) % ...                                                 2.06 3.03 3.26 2.86 2.90    
Costs (As % Of Loans) % ...                                                 2.29 2.58 2.80 3.01 3.51    
Equity (As % Of Loans) %                                                   20.9 25.2 26.9 26.4 24.1    

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Mediobanca's price/earnings (P/E) rose 36.2% yoy to 10.9 in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca stock traded at EUR 9.81 per share at the end fourth quarter of 2019 implying a market capitalization of USD 9,777 mil. Since the end of 4Q2014, the stock has appreciated by 45.0 % implying an annual average growth of 7.71 %. In absolute terms, the value of...

Mediobanca's market capitalisation (end of period) rose 0.873% to USD 9,777 mil in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca stock traded at EUR 9.81 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 9,777 mil. Over the last five years, the stock has appreciated by 45 implying an annual average growth of 7.71% In absolute terms, t...

Mediobanca's market capitalisation (end of period) rose 0.873% to USD 9,777 mil in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca stock traded at EUR 9.81 per share at the end of fourth quarter of 2019 implying a market capitalization of USD 9,777 mil. Over the last five years, the stock has appreciated by 45 implying an annual average growth of 7.71% In absolute terms, t...

Mediobanca's retail loan growth rose 112% yoy to 15.0% in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca's retail loans reached EUR 38,815 mil at the end of 2019-12-31, up 1.57% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 83.9% of the bank's loan book at the en...

Mediobanca's retail loan growth rose 112% yoy to 15.0% in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca's retail loans reached EUR 38,815 mil at the end of 2019-12-31, up 1.57% compared to the previous year. In the last decade, the average annual loan growth amounted to 0%. Overall, retail loans accounted for 83.9% of the bank's loan book at the en...

Mediobanca's equity (as % of assets) rose 3.28% yoy to 12.5% in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca's Equity reached 12.5% of total assets in the 4Q2019, up from 12.1% for the previous year. As a share of net customer loans, the ratio amounted to 22.4% at the end of the fourth quarter of 2019. ...

Mediobanca's equity (as % of assets) rose 3.28% yoy to 12.5% in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca's Equity reached 12.5% of total assets in the 4Q2019, up from 12.1% for the previous year. As a share of net customer loans, the ratio amounted to 22.4% at the end of the fourth quarter of 2019. ...

Mediobanca's customer loan growth fell 68.8% yoy to 4.12% in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca's customer loan growth reached 4.12% in 2019-12-31, down from 13.2% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 40.9% in 2006-09-30 and an all time low of -14.0% in 2014-09-30. In the last de...

Mediobanca's customer loan growth fell 68.8% yoy to 4.12% in 4Q2019

By Helgi Library - February 19, 2020

Mediobanca's customer loan growth reached 4.12% in 2019-12-31, down from 13.2% compared to the previous year. Historically, the bank’s loans growth reached an all time high of 40.9% in 2006-09-30 and an all time low of -14.0% in 2014-09-30. In the last de...

Mediobanca's net profit rose 2.72% to EUR 835 mil in 2019

By Helgi Library - February 19, 2020

Mediobanca made a net profit of EUR 835 mil under revenues of EUR 2,393 mil in 2019, up 2.7179014631542% and -0.33522391291675% respectively compared to the previous year. Historically, the bank’s net profit reached an all time high of EUR 1,015 mil in 2008 and an all ti...

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