Italian Mediobanca beats estimates in fourth quarter despite market headwinds
MILAN, July 29 (Reuters) – Italian financial services group Mediobanca (MDBI.MI) beat estimates with its quarterly results despite an unfavorable macroeconomic scenario and market turmoil, it said on Friday.
Mediobanca, which offers consumer finance, corporate and investment banking, and wealth management services, reported a net profit of 191 million euros ($194.92 million) in the fourth quarter of its exercise, above a consensus of analysts provided by the bank of 175 million. euros.
The figure was in line with the previous quarter, but down slightly on an annual basis, reflecting the seasonal nature of some cost elements and negative seed capital investment valuations, it added in a statement.
Mediobanca said any further deterioration in the macroeconomic scenario would impact revenue growth.
However, this impact would be mitigated by its “very resilient business model” composed of two segments – Consumer Credit and Insurance – less linked to the evolution of GDP.
Its capital position remained strong with a core capital ratio at 14.5%, down from 14% at the end of March, one of the highest in Italy.
Mediobanca’s fiscal year runs from July to June.
($1 = 0.9799 euros)
Reporting by Gianluca Semeraro, editing by Maria Pia Quaglia and Agnieszka Flak
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