The European institution, based in Milan, includes private banking as part of its business lines. One example is the CMB business in Monaco.

Italy’s Mediobanca which provides services including private banking and wealth management, yesterday said it delivered a record net profit of €555 million ($598 million) for the first six months of its 2022, rising 6 per cent on a year earlier.

Total income rose 13.6 per cent to €1.658 billion; operating costs rose 9.1 per cent to €690.9 million in the latest half-year period, the bank said in a statement. 

Wealth management net profit rose 13.7 per cent to €82.2 million; operating costs rose 7.2 per cent and total income rose 11.9 per cent, it said. Net interest income surged by 17.5 per cent, benefiting from the rise in interest rates. Net fee and commission income rose more modestly at 7.9 per cent; net trading income rose strongly – up more than 24 per cent.

The wealth management cost-income ratio narrowed to 67.3 per cent from 67.3 per cent.

Total assets in the wealth management side of the business stood at €83.2 billion; there was €3.4 billion in net new money in the six years to the end of the reporting period.

Mediobanca holds businesses such as Monaco’s CMB. This news service interviewed Mediobanca’s private banking arm here.

The bank had a Common Equity Tier 1 ratio – a standard measure of a bank’s financial strength – of 15.1 per cent at the end of 2022.