© Reuters. FILE PHOTO: A logo of Mediobanca is pictured at Mediobanca headquarters in Milan, Italy, November 12, 2019. REUTERS/Flavio Lo Scalzo/File Photo
MILAN (Reuters) – Italy’s Mediobanca (OTC:) 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)
