Mediobanca Fiscal 2018: Decent Numbers but Puzzling Acquisition
Mediobanca reported net profit of EUR 863 million for fiscal 2018 (year ended June), which is 15% higher than the profit it generated in fiscal 2017. Reported net profit also hit the consensus estimate of EUR 859 million on the nose. We believe it is important to look at the performance of Mediobanca's operating businesses excluding principal investments (mainly its 13% interest in Italian insurer Generali). On this basis, net profit increased by 47% year on year, driven by strong revenue growth...Mediobanca Banca Di Credito Finanzario's core businesses are lending and investment banking. Co. helps its clients by providing them with advisory services in addition to medium-term bank credit. Co. is the parent company of the Mediobanca Banking Group, which has operations in consumer credit, retail banking, leasing, and private banking. Co.'s business divisions are comprised of: Corporate and Investment Banking, which comprises Wholesale Banking and Private Banking; Principal Investing, which brings together all equity investments in associates (IAS28) and available for sale assets; and Retail and Consumer Banking, which comprises consumer credit and retail banking activities.
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