RESULTS AND PRESENTATIONS

 

Best-ever results in last 10Y achieved in terms of revenues, GOP, ROTE and CET1
despite govies spread and business environment weakened momentum
Growth in revenues (up 4% to €2.5bn) driven by strong commercial target
Growth in NII (up 3% to €1.4bn) driven by loan growth (up 8% to €44bn) and CoF reduction (to 80bps)
 Fees slowed temporarily (down 2% to €611m) still not fully reflecting TFA/NNM growth and material distribution
empowerment in WM (sales-force up 18% to over 900) and CIB divisions (partnership with MMA)
GOP risk adjusted up 8% to over €1.1bn
Net profit adjusted up 8% to €860, stated down 5% to €823m due to lower positive one-offs
ROTE adj. up @ 10.2% (vs. 9.5% of FY18), with CET1 flat @ 14.1%
2019 strategic roadmap fully achieved
WM: size, brand awareness and distribution scaled up – ROAC@16%
Consumer Banking: all time-high earnings level achieved with value management approach – ROAC@30%
CIB: K-lighter businesses enhanced, EU positioning improved – ROAC@15%
HF: liquidity and funding indicators kept at healthy high levels
Sound shareholders remuneration: pay-out up @50%, DPS at €0.47 

Playing our three-year strategic roadmap and despite the low growth/yield environment
we have significantly enlarged and reshaped the Group
Leveraging distribution and asset growth organically and trough M&A,
WM sales force tripled to>900, Consumer branches up 20% to ~200, CF headcounts up 30% to ~140
AUM up 31%¹ to €39bn, loans up 9%¹ to €44bn, funding up 3%¹ to €51bn
and keeping gearing low and capitalization strong
cost/income at 46%, NPE gross/Ls < 4%, CET1 up 200bps to>14%
we delivered material growth
in revenues (+7%¹), profit (EPS adj. +13%¹), profitability (ROTE up 3pp to 10%) and dividend (DPS +20%¹).
MB group revenues now more visible and recurrent
60% of revenues, loans and funding originated by WM and Consumer
and focused on capital light businesses
Fees enlarged by 11%¹ and now 60% driven by Advisory and WM
WM and CIB contributing now roughly equally (~40% each) to group fee income
BP19 strategic goals delivered at Group and business segments level
MB differentiating positioning reflected in a strong market out-performance