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 (19 segments)
H
Host0:06
Welcome. Today Mediolanum has communicated to the media and the financial community the results of this third quarter of the year, and we have the opportunity to go beyond the numbers thanks to the presence in the studio of Massimo Doris. Welcome.
M
Massimo Doris0:22
Thank you very much.
H
Host0:24
So, I said we will go beyond, but let's start with two standout figures: a net profit of 674.3 million euros and client assets that have reached an all-time high of 133 billion, confirming the growth path. But tell us, what is behind these numbers? What drives them?
M
Massimo Doris0:42
Undoubtedly, the loyalty of our clients. The profit is driven obviously by the increase in client assets, in wealth, as we have gone from 118 billion at the beginning of the year to 133 billion at the end of these nine months. That is an increase of 15 billion.
H
Host1:00
Where does this increase come from?
M
Massimo Doris1:05
In part, about 8 billion, from the market, which has performed well, driving the growth of assets. But more than 7 billion, a little more than 7 billion, comes from the bank's net inflows. Therefore, existing clients who continue to trust us and contribute savings, but also the acquisition of many new clients. In fact, another important figure is that from about 1,800,000 clients at the beginning of the year, we have reached almost 1,890,000, that is, growth of 90,000 clients who bring assets and have led us to these 133 billion, which in turn drive revenues, and also profit.
H
Host1:51
You spoke about net inflows. Today both the results of the first 9 months and the net inflows for October have been announced. Are the results in line?
M
Massimo Doris2:00
Yes, October too has been a really, really strong month. In fact, the net inflows of 7,157 million we just announced have increased to 8.5 billion in these ten months. Managed net inflows have exceeded 6 billion, 6.1 billion, so very good. And the credit side, thanks in part to the lowering of rates, has recovered very well, reaching 2.4 billion in new loans and mortgages granted. And protection continues to progress at a good pace. Let's always remember we are talking about Group results, including also the results of Spain, which as always contributes.
M
Massimo Doris2:48
Spain is also doing very well. There, profit has grown to 54.4 million, an increase of 10% compared to the first 9 months of last year, and client assets have also grown and exceeded 12 billion. Very solid net inflows, clients growing, in short, very, very satisfied also with Spain.
H
Host3:09
Furthermore, Spain, which is surely working well in this period, but in a situation that is partly complex.
M
Massimo Doris3:15
Yes, because, on one hand, I am very happy with the economic and commercial results of Spain, but on the other hand, like everyone, I am deeply affected by what happened in the Valencia area, where we are present. So Banco Mediolanum, as the Mediolanum Group usually does in these situations, has mobilized immediately.
H
Host3:39
And what have been the initiatives?
M
Massimo Doris3:41
Immediately we gave clients the possibility to suspend payments on mortgages or loans, eliminating the spreads, and we made available loans with preferential conditions, both in price and speed of process, for those who need them, quick issuance of new cards for those who lost theirs, etc. So many operational measures. We also opened a current account where donations can be made to dedicate them to the community for reconstruction. More than 300,000 euros have already been raised, but the important thing is that Banco Mediolanum will double the amount of donations received, and they will be destined to the community that has suffered damage to help reconstruction. But then, what we will do once we have all the details of the damage, in this case suffered by our clients, whether in material goods, housing, car, etc., or unfortunately, I hope not, the loss of a family member. Once we have the exact details, we will allocate a sum as a donation from the bank to its clients who have suffered damage. As always, Banca Mediolanum stands by the community and its clients to help in these unfortunate, tragic situations.
H
Host5:19
Massimo, thank you. The next meeting will be in 2025, so to close, may I ask you what expectations you have from now until the end of the year?
M
Massimo Doris5:27
Well, seeing how these ten months have gone, and also seeing the results of October, we expect November and December to continue in the same direction, so we expect a really very positive year-end.
H
Host5:43
Very, very good. We'll go to the final figures. Thanks again and good work.
M
Massimo Doris5:48
Thank you.
