Multitude reported Q2'26 results yesterday. Consumer Banking interest income came in at € 41.2m (-18% yoy, +0.4% qoq), below eNuW € 42.8m, as FY25 divestments still negatively impacted topline. SME Banking posted € 8.9m (+2% yoy, +0.7% qoq; eNuW € 9.2m), while Wholesale Banking came in at € 7.5m (+64% yoy, +9.2% qoq; eNuW € 7.8m) on the back of the expanding secured debt book, confirming the segment as the group's growth engine at a 26% EBT margin. At group level, interest income totalled € 57.6m (-10% yoy, +1.6% qoq; eNuW € 59.8m). Fee and commission income jumped to € 7.7m (+161% yoy; € +1.8m vs eNuW), lifting its share to 11.8% of revenue (+7.4pp yoy). The beat was inorganic, however, as Sortter was fully consolidated from May 20th and contributed € 2.9m in fee and commission income, implying adj. fee income of € 4.8m (+62% yoy; € -1.1m vs eNuW). Total revenue was thus € 65.3m (-2% yoy, +6% qoq; vs eNuW € 65.7m).
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