Mediobanca beats estimates with Q2 results thanks to fees

MILAN: Italian financial group Mediobanca on Tuesday posted a larger-than-expected 7% rise in second-quarter net profit, thanks to the fee contribution from its corporate & investment banking and wealth management businesses.

The bank said in a statement its net profit stood at 210.5 million euros ($255 million) in the second quarter, up from 197 million euros in the same period a year ago. Mediobanca's financial year runs from July to June.

With a CET 1 ratio at 16.2%, among the highest in Italy, the bank confirmed its guidance of a dividend payout of 70% of net income, subject to the removal of ban put in place by the European Central Bank and in force until Sept. 30.