Italy’s Mediobanca reported a 61 per cent jump in net profit in the quarter to the end of March to €195.7m, up from €121.3m a year earlier, as net interest income and net fees both rose.
Over the past nine months to the end of March, Mediobanca’s revenues rose 9 per cent to €1.66bn, its highest ever over the period, the bank said. Net profit increased 39 per cent to €614m over nine months. Loans loss provisions were down 22 per cent.
Mediobanca — which includes an advisory business and wealth management, and recently expanded its retail business by acquiring Barclays in Italy — said its fully phased-in core equity tier one rose to 13.4 per cent. Its Texas ratio, a measure of bad loans as a proportion of capital reserves, was 15 per cent, making it one of Italy’s most solidly capitalised banks.
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