Italy's Mediobanca posted a better-than-expected quarterly profit on Tuesday as net fees more than offset a small decline in net interest income (NII) due to lower interest rates.
The bank's net profit fell 6.1 percent year-on-year to 330 million euros ($351.02 million) in the first quarter of its financial year which goes from July to June, above an analysts' consensus of 319 million euros.
Revenue came in at 865 million euros, broadly flat compared to a year earlier, as fees rose 29%, thanks to the contribution of wealth management and corporate and investment banking (CIB), while the net interest income fell 2.2%. The figure was below a consensus provided by the bank of 884 million euros.
For the current financial year, Mediobanca expects earnings per share (EPS) growth of between 6% and 8% and a core capital ratio (CET1) between 15.5% and 16%.