About Massimo Doris
Massimo Doris, Chief Executive Officer of Banca Mediolanum, commented on the group's financial results for the first nine months of 2018, which were approved by the board of directors on November 6, 2018. He stated that he was "definitely satisfied" with the performance, reporting an operating margin of 221 million euros, a 26% increase compared to the same period in 2017. Group net income totaled 272 million euros, which he noted was in line with 2017, a year that included extraordinary events such as the sale of Banca Esperia. Doris highlighted that management fees reached 253 million euros and net interest income was 49 million euros for the third quarter alone.
Doris also reported that total assets under management surpassed 77 billion euros as of September 30, 2018, despite market volatility. He noted that Banca Mediolanum continued to grant loans to customers, with 1.451 billion euros in new loans during the first nine months, a 27% increase year-over-year, bringing the total credit book to over 8 billion euros. He added that the bank's net non-performing loan ratio remained at 0.72% and its Common Equity Tier 1 ratio was over 20%. Doris attributed customer trust to these figures, citing a customer satisfaction index of 85.7% measured by Doxa. The board also approved an interim dividend of 20 euro cents per share for 2018.
Source: AI-verified profile updated from Massimo Doris's recent appearances.
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Transcript (12 segments)
I
Interviewer0:09
Welcome, everyone. It's earnings season and not just for the banking system, but we are here to talk about the path taken by Banca Mediolanum in a very complicated 2022 together with Massimo Doris. Welcome back!
M
Massimo Doris0:21
Thank you, and welcome back everyone. So, without a doubt, with a war that continues on, inflation that has returned quite powerfully, rather aggressive central banks... it certainly wasn't an easy year.
I
Interviewer0:33
No, it all started January '22... after COVID, thinking about a good year of growth, then what you just illustrated took place.
M
Massimo Doris0:45
Therefore, a complex year, but a complex year in which Banca Mediolanum was able to do very well. We have grown a lot in the number of Family Bankers in both Italy and Spain, surpassing by far 6,000 Family Bankers between the two countries. 6,054 to be precise, the all-time high. We have grown a lot in terms of customers, up 6%, getting close to almost 1,700,000 customers. And we had the second best year ever in terms of customer acquisition, with 169,000 new customers acquired. Customers, both new and existing evidently, who brought new money, and the inflows reached 8.3 billion euros. Of the 8.3, 1 billion were inflows from our Spanish subsidiary. And we granted a lot of loans: more than 4 billion in new loans granted. These are numbers, in such a complex 2022, that I am very proud of. And the results made official today, the financial results, are also very strong. I am reading a net income of 522 million euros. Assets under Administration & Management surpassing 103 billion. An operating margin of over 680 million, increasing 35% with respect to the previous year.
I
Interviewer2:17
I imagine these are numbers that are also gratifying for our shareholders.
M
Massimo Doris2:21
Well, yes, all the work, all the numbers I spoke of before, produced these numbers you see on the income statement. And in fact, thanks to a very robust, very healthy income statement, we also proposed to the shareholders meeting a dividend balance of 26 eurocents, so 26 cents per share, which was added to the 24 cents paid in November as an interim dividend, bringing the total dividend for 2022 to 50 cents per share, for a total of 369 million in dividends paid. Therefore, the shareholders will surely be very satisfied.
I
Interviewer3:07
Before you spoke of inflows for the year that just closed, but we are already in the new year. I know that you already communicated the January business results.
M
Massimo Doris3:16
Yes, January started off very well, with 685 in total net inflows, of which 485 million are in managed assets. So it already started off far better than January '22, which had started very well. So, a really great start. I can only be satisfied about how '23 kicked off. Moreover, of course we are talking about the results of the Group, so not just Italy but also Spain.
I
Interviewer3:46
So, let's look a bit forward. In closing, I have to ask you what you're expecting in 2023.
M
Massimo Doris3:52
Well, first let's take a look from a more general point of view and not from Banca Mediolanum's. A strong economic slowdown is forecasted for '23, but just a couple of months ago, a recession at the European and Italian level was forecasted. So, the fact that there is a strong slowdown, but still positive growth, small but positive, is already good data. Moreover, the Central Bank interventions are starting to have their effects. Therefore, inflation is starting to go down. It won't be an easy year, but if things go as forecasted, at least a year that is definitely more stable with respect to the surprises we had in '22. Therefore, I would surely say better than '22, not easy, but better. This in general. And how will Banca Mediolanum do? Well, if we achieved those results in '22 in view of all those unforeseen events, I am expecting even better numbers in '23. So we'll continue to acquire many customers, to bring in new assets, to continue to give excellent service. We have a customer satisfaction rate of 97%. I would like to see this a bit higher. Therefore, doing our duty and to see numbers getting better and better from a commercial point of view, but also from that of the income statement.
I
Interviewer5:21
Great, well thank you for the time you dedicated at the end of a day that is always demanding. We'll have a look at these numbers then on May 10.
M
Massimo Doris5:27
Absolutely, until May 10 then.
