Banca Mediolanum’s net profit down 17% in H1
Italy’s Banca Mediolanum, Mediolanum Group’s retail bank which ranked eighth in Assogestioni’s latest report, reported net profit of €164.9m at the end of the first semester of 2014, 17% less compared with the same period in 2013.
€3.8m of total profit came from Banca Esperia, Mediolanum Group’s private bank, +6% compared with H1 2013.
However, net inflows into asset management products were positive, coming at a total of €1.89m. Flows into mutual funds were particularly consistent, accounting for a total of €2.3m. Total AUM was of €61.3bn, Banca Mediolanum also revealed.
The number of advisers working for the bank was of 4,409, following a strong recruitment process conducted by the bank over the last year. The number of accounts and deposits went up by 6% compared with the same period last year and by 3% from the start of 2014, Banca Mediolanum also reported.
Looking at foreign markets, net profit was of €7.2m, 37% down compared with the same period last year, when the company made significant capital gains in Spain.
Pictured: Massimo Doris, CEO of Banca Mediolanum