Mediobanca's quarterly net
profit increased 53% to 244 million euros in the third quarter
of 2015, helped by a rise in net interest income and capital
gains from the sale of a stake in Italian tyre maker Pirelli,
the Italian investment bank said Wednesday.
The increase is the best quarterly result for the past five
years, Mediobanca said.
Mediobanca's retail banking unit CheBanca! earned a net
profit of 2.2 million euros in the third quarter of 2015, the
first time the unit has shown a profit since its launch in 2008,
the bank said.
The results represent a 27% growth in revenues and contrast
last year's reported net loss of 4.3 million euros.
Net interest income rose 13%, to 303 million euros, with
particular growth in the retail and consumer banking division,
which saw an increase in net interest income of 14%, to 226
million euros.
Total revenues fell by 3% to 507 million euros, due to weak
fees and treasury income which was only partly offset by an
increased contribution from Assicurazioni Generali, to 82.8
million euros from 55 million.
There was also a 1.3 million euro writedown involving the
RCS MediaGroup investment being aligned to market prices.
Mediobanca CEO Alberto Nagel said he expects an improvement
in net profit this year with respect to last year, but "the
extent of the improvement is still to be determined".
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