Risultati Primi 9 Mesi 2021 | Il commento di Massimo Doris

Risultati Primi 9 Mesi 2021 | Il commento di Massimo Doris

Welcome back to our quarterly get together with the CEO of Banca Mediolanum, for an update on the excellent results achieve. Good evening Massimo.
Good evening Paola, good evening everyone. So, let's talk about the results for the first nine months of the year,
which are confirmed to be extraordinary, as also stated in your official press release, we understand
that at the base of these results is precisely the the structural value of our strategic model
that is relevant as ever and in keeping with the reality of the times we live in. With this statement,
let's go look at what these numbers are, those that best represent the performance
of your bank during this period yes, we have a net income that is truly
exceptional, since we generated a net income of 376 million euro, an increase of 50%
with respect to the first nine months last year Assets reached 104 billion euro, +19% with
respect to the same period last year The credit book reached 13.7 billion euro +19%, and the core equity tier 1 ratio,
that stands at 20.4%, therefore at a truly at a level of very high quality.
I guess all of this translates into good news also for our shareholders.
Yes, the dividend ban was finally lifted that had prevented us from distributing the
2020 dividend and also the 2019 dividend balance that had
not been distributed today the board of directors deliberated the payment
of 23 cents per share for the interim dividend for 2021, therefore
in November we will pay 23 cents and then next year, at the 2021 closing, we will pay the balance.

And the numbers we have heard have also allowed us
to be recognized as a 'significant bank' by the ECB What does this mean and is it now official?
It is official and we have received notice from the ECB that we are now considered a
significant bank. What does this mean? It means that starting in January, we will pass from being under
the supervision of the Bank of Italy to being under the direct supervision of the ECB.
Why is this? How does a bank become a significant bank? When a bank surpasses 30 billion euro
in bank assets. What are bank assets? Mainly all the loans & mortgages the bank has; but there is also the governments bonds,
for example, that the Banking Group has, not only retails loans,
and we have surpassed 30 billion euro at the Group level – currently we are at
36 billion in assets.

Let's move on to business results; recently you have disclosed October
data and in this case we have an update that goes out a bit further out to 10 months,
also in this case there is some satisfaction? Yes, reaching the business results for October,
Another huge step forward was made: October was a very important month. We generated
almost a billion in total net inflows in just a month, to be precise, 994 million,
reaching 7.4 billion for the 10 months.
603 million euro in managed assets inflows for the month, reaching 5.2 billion euro for the 10 months.
In retail loans granted we registered 331 million euro for a total of 3.18 billion
since the beginning of the year. general insurance premiums of more than 15 million YTD, therefore, a great October, but also
great numbers year-to-date Numbers that our business in Spain made a very
solid contribution to yes, the business in Spain has always done well, but
in the last 2 years, has been growing at a very strong pace; registering 25.7 million euro in net income
in the 9-month period compared to 17.8 million euro for example in the first 9 months last year.
Assets are just under 8 and a half billion euro, increasing 31% with respect to the first 9 months
last year, the credit book growing 43%, the number of Family Bankers up 19%,
and the number of customers up 19% as well.

Therefore, very bouyant progress from
our Spanish subsidary as well. so, you spoke of the increase in the number of
Family Bankers – I imagine this result cannot be achieved unless there is
a strong presence all over the country Yes, the strong headcount is increasing in both
Italy and Spain: the total number of Family Bankers counting both countries has
risen from 5,330 in September 2020, to 5,697 in September 2021, but also the number of customers
has increased a lot: from 1,566,000 customers in September last year to 2,275,000. Here, there
is a strong increase of more 700,000 customers in just one year – what happened here?
Last year we launched Flowe, acquiring some 600,000 customers between November and December
last year, so obviously gave a huge contribution to the increase in the number
of customers of the Group, but in the meantime, both Banca Mediolanum and Banco Mediolanum continued to
grow their number of customers.

It seems to me that the conditions are there for
a record year, but I'd like to ask what do you expect to raise the bar higher?
Well yeah, seeing how the numbers are going we can set the objective of achieving
a record year because it is within our reach because as far as total net inflows are concerned,
last year was a record with 7.7 billion euro, and at the end of October we
are at 7.4 billion, therefore we can certainly aim at surpassing this record and also surpassing it by
a wide margin, it is within reach The same applies to net inflows into managed assets,
the record is not last year, but  a few years before, but even here we are
very close, and we will surpass it by a wide margin.

As far as the granting of retail loans are concerned,
we have already exceed last year's numbers in October since last year we granted
3 billion in loans, and we are over 3.1 – almost 3.2 – at the end of
October, so this record is already achieved and can only be bettered in November and December.
And also as far as general insurance premiums are concerned, which also was a record last year,
we are very close and will certainly surpass this, therefore all-time records
in all areas of business: total net inflows, managed assets inflows, loans granted and general insurance, but with a
constant eye on quality, because there are customers, people involved, not just numbers and we
pay particular attention to this. In all of these records, could it also
be a record for net income? Could be, but while these numbers mentioned
up until today are somewhat in our hands, actually, totally in our hands, net income certainly
depends a great deal on the work that we do, but also on the trends in the markets. The markets
are going very well again this year and This could really be a record year,
also in terms of financial results, of net income, if the markets continue to
go well from now til the end of the year, so, if they do, it is highly probable that
we will be able to celebrate this record as well.

I hope so, as CEO, as a shareholder and I believe all of our customers as well because it will mean that
their investments, if the markets rise, obviously will rise as well, therefore
I hope we can celebrate this record. Well, then we'll have the confirmation
at our next meeting in February, from now until then, good luck with work. Goodbye everyone, see you on february..

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