Interest income, investment inflows seen supporting results (Il Sole 24 Ore Radiocor) - Milan , 18 Apr - The Italian banking and asset management firm Banca Mediolanum intends to pay out a dividend on 2024 earnings that is above the 0.70 euros per share on 2023 earnings, said CEO Massimo Doris.

In the annual shareholders' meeting, Doris stressed that the 0.70 euro per share dividend was solely an ordinary dividend, and did not include an extraordinary dividend component as had been the case in the past.

He said that the significant increase in profit seen in 2023 had been driven by an over 85% increase in interest income, rather than performance commissions that had boosted results in previous years. "Interest income was pusched by interest rate increases," he explained. "While performance commissions are volatile and can go from a high level to zero, even should interest income fall it would do so slightly, without going to zero. This, together with the fact that we continue to see positive investment inflows, leads me to say that 70 cents is a dividend I can afford to pay and that on the 2024 balance sheet I could pay more than 70 cents," Doris said.

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(RADIOCOR) 18-04-24 15:08:12 (0490) 5 NNNN