Italian investment bank Mediobanca announced Wednesday that it returned to profit in the year that ended June 30, compared with losses in the previous year.
Profits totaled 465 million euros, up from a loss of 176 million euros in the previous 12 months, the company said in a statement.
It also announced a dividend of 0.15 euros per share. Revenue came in at 1.819 billion, higher than expected and a 12% increase over the previous 12 months.
Mediobanca has been selling off assets that are deemed not essential to its core functions as an investment bank.
That included selling off part of its stake in the RCS MediaGroup - publisher of Italy's best-selling newspaper Corriere della Sera - reducing that to 6.2% from its previous 14.93% holding.
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