Massimo Doris, Chief Executive Officer of Banca Mediolanum
Banca Mediolanum, profit marks +51% in the first half of 2023
Bank of Milan ends the half-year on a high note with a profit of 363.33 million euro, which compared to 241.13 million in the first half of 2022 shows an increase of 51%. There total net inflows increased by 8% to 4.69 billionwhile managed assets dropped by 31% to 2.16 billion.
Il interest margin more than doubled, going from 167.49 million to 347.34 million euro, thanks to the rapid increase in interest rates and the weight of the variable component in the composition of the loan portfolio and securities held by the treasury; commission income increased to €847.75 million. As at 30 June, assets under management and under management had risen to 112.65 billion euro, with a +12% since 30 June 2022 and an increase of 9% compared to the end of the same year.
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Loans to retail customers also grew, albeit slightly, amounting to 16.95 billion euro, with a +3% compared to 31 December 2022 and 10% year on year. At the same date, the ratio of net non-performing loans to total loans was 0.73%. As it reports Start MagazineI am loans down (-12%) “reflecting the slowdown in the real estate market and the grip on interest rates”. In the end, plus sign for customers who reach 1,750,500, +4% compared to the end of last year.
Banca Mediolanum, CEO Doris: “Our business model is an absolute excellence in Europe”
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