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2023 07 27T104703Z 1 LYNXMPEJ6Q0F5 RTROPTP 4 ITALY MEDIOBANCA RESULTS | Business Express

Mediobanca to launch new $223 million buyback after record year

Mediobanca to launch new $223 million buyback after record year

MILAN (Reuters) – Italy’s Mediobanca said on Thursday it would buy back its own shares for around 200 million euros ($223 million) in its new fiscal year after closing the previous one with record revenues and profits.

The bank posted a 13% yearly rise in net profit to 1.03 billion euros in the 12 months through June, after one-off hits totalling around 190 million euros.

Mediobanca booked a 49.5 million euro impairment on Swiss asset manager RAM while also setting aside 26 million euros to fund voluntary staff exits to boost generational turnover.

Revenues rose 16% to 3.3 billion euros, topping the target set under a three-year plan through mid-2023, as higher rates lifted net interest income and wealth management propped up fees despite a tough backdrop in corporate and investment banking.

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“Mediobanca in the next three years will deliver strong growth in wealth management, more efficient risk weighted asset (RWA) management, and enhanced shareholder remuneration,” Chief Executive Alberto Nagel said in a statement.($1 = 0.8976 euros)

 

(Reporting by Gianluca Semeraro; editing by Valentina Za)

 

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