Italy’s Mediolanum sees 2022 inflows, operating margin in line with 2021

(Reuters) -Italy’s Banca Mediolanum aims to match last year’s inflows and operating margin in 2022 despite the current challenging economic and financial environment, its chief executive said on Tuesday.

Massimo Doris said net inflows this year could reach the 9.2 billion euros ($9.70 billion) gathered in 2021 while its operating margin, a measure of the bank’s recurring business, could again reach a level of 502.6 million euros.

Banca Mediolanum added 828 million euros of net inflows in April, taking the total so far this year to 3.2 billion euros.

“It’s a difficult situation, but in terms of inflows we are still slightly ahead compared to last year’s numbers,” Doris told journalists in a briefing.

The Milan-based bank, which offers its products and services in Italy and abroad, posted a 13% rise in first quarter operating margin to 142 million euros, although the net result dropped around 14% as the growing tensions caused by the conflict in Ukraine weigh on financial markets.

Net profit fell to 114.3 million euros in the January-March period, hit by lower performance fees and other market-related effects.

($1 = 0.9484 euros)

(Reporting by Federica Urso and Maria Pia Quaglia; Editing by Kirsten Donovan)