Mediolanum earns €843 million as interest income and fees lift nine-month results
A bank’s profit describes its own income statement, not its customers’ investment returns. In results approved on 10 November 2026 and covering the first nine months of the year, Banca Mediolanum reported net profit of €843.3 million, against €726 million in the same period of 2025, with stated growth of 16%.[1] Il Sole 24 Ore Radiocor carried chief executive Massimo Doris’s description of it as the group’s best-ever net result for the first nine months.[2]
## Two earnings engines
Net fees reached €1,068.6 million, up 10%, while net interest income rose 24% to €723.9 million.[1] The bank’s release attributes the increase in net interest income mainly to higher assets and a lower cost of deposit funding.[1] That is the company’s explanation, not an automatic diagnosis of the banking sector as a whole.
Operating profit amounted to €1,056.3 million, up 18%, the other measure highlighted by Doris and reported by Radiocor.[1][2] The useful reading goes beyond the bottom line and separates the contribution from services from that of interest-earning activity.
## Costs and credit still matter
General and administrative expenses rose 6% to €601.2 million; net impairment charges on loans increased from €20.7 million to €29.9 million, a rise of 45%.[1] That comparison concerns an income-statement item, not a 45% increase in the overall stock of troubled loans.
The CET1 ratio stood at 22.4%, against 23.0% at the end of 2025; the release specifies that own funds for the nine-month period do not include any capitalisation of profit.[1] Profitability and capital serve different purposes and should be read together rather than treated as interchangeable.
This is an analysis of results released yesterday, not a fresh earnings announcement on 11 November. Group profit is not the return earned on a customer’s financial product, and these figures are not presented as a recommendation to buy the shares.
## Sources
[1] https://www.bancamediolanum.it/static-assets/documenti/file/it/2026/11/10/CS_101126_ITA.pdf — Banca Mediolanum, risultati 9M 2026
[2] https://www.ilsole24ore.com/radiocor/nRC_10.11.2026_11.04_28210282 — Il Sole 24 Ore Radiocor, commento Doris