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REFILE-Mediobanca tops forecast with 39 pct rise in 9-month net profit
May 10, 2017 / 4:10 PM / 6 months ago

REFILE-Mediobanca tops forecast with 39 pct rise in 9-month net profit

(Changes day in lead to Wednesday from Tuesday)

MILAN, May 10 (Reuters) - Italian merchant bank Mediobanca on Wednesday posted a larger than expected 39 percent rise in net profit for the first nine months of the year, helped by higher investment banking and wealth management fees as well as rising net interest income.

Mediobanca said net profit in the nine months through March totalled 614 million euros, against an average analyst forecast of 560 million euros in a consensus provided by the bank. The lender’s financial year runs to the end of June.

Revenues rose 9 percent to 1.66 billion euros, boosted by a pickup in investment banking activity in the January-March period and an expanding wealth management business, which now accounts for nearly 40 percent of group fees following a number of acquisitions.

The Milanese bank said loan loss provisions fell 22 percent in the period while its best-quality capital ratio rose to 13.35 percent at the end of March from 12.82 percent at the end of December.

Mediobanca said it had agreed to sell its remaining 1.35 percent stake in motorway operator Atlantia in the last quarter and would book the impact from the disposal in the July-September period. (Reporting by Valentina Za and Gianluca Semeraro)

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