Yes, you can re-apply in 1 year, and as the other have indicated you would need to have a clear case on how did you work on the feedback you received in your internship (and it has to show in your CV, specifically on whatever work/academic experience you intend to get during this coming year)
My advice, is to try to use this internship to land another internship in another MBB office. By having this internship on your CV, you could quasi-guarantee an interview from a direct competitor where you could have a chance to experience a different culture and have a second attempt at landing a full-time offer.
Fast forward 1 year, you could re-apply to the original office, your CV would look way more attractive having done a second MBB internship.
I hope this helps.