Mediobanca beats estimates with first-half net profit

By Thomson Reuters Feb 9, 2024 | 12:39 AM

MILAN (Reuters) – Italy’s Mediobanca beat forecasts with its first-half net profit thanks to a rise in net interest income benefiting from high rates, and its wealth management business, the financial group said on Friday.

First-half net profit came in at 611 million euros ($657.99 million), 10% higher from a year ago, beating an analyst consensus provided by the bank of 596 million euros.

Revenues grew 4% to 1.73 billion euros, broadly in line with estimates, with net interest income (NII) of 997 million euros, 18% higher year-on-year.

Fees were down 11%, as a strong performance in the wealth management division not enough to offset the drop in the Corporate & Investment Banking (CIB) business.

The bank sees full-year revenues growing in line with its strategic plan to 2026 and a net profit higher than the previous fiscal year, it said in a statement.

($1 = 0.9286 euros)

(Reporting by Gianluca Semeraro; editing by Giulia Segreti and Gavin Jones)