Top Stories
Top Stories
Wires

Mediobanca net profit falls in Q3 but beats expectations

MILAN, May 9 (Reuters) - Italy's Mediobanca said net profit in its fiscal third quarter fell almost 15 percent on lower revenues as economic uncertainty weighed on businesses and families.

The bank, whose fiscal year ends in June, said on Thursday quarterly net profit was 175.5 million euros ($196 million) as net interest income and commissions in the period fell.

The number was above an analyst consensus forecast of 165 million euros.

In the nine months to March, net profit fell 8 percent to 626 million euros compared with the same period a year ago, which included a one-off 96 million capital gain from disposals.

A growing network of financial advisers helped boost the bank's wealth management business, with total financial assets rising 8 percent on the year to 68 billion euros.

Mediobanca, the largest shareholder in Italy's top insurer Generali, has been focusing more on traditional banking in recent years, stepping up its commitment to wealth management.

The bank, which said 4.2 percent of its total loans were non-performing, reported a CET1 core capital ratio - a measure of financial strength - of 14.3 percent, up 40 basis points from the end of December.

At 1129 GMT, Mediobanca shares were down 1.3 percent, in line with the European index.

($1 = 0.8940 euros) (Reporting by Stephen Jewkes; Editing by Mark Potter)