Asset sales help lift Mediobanca net profit in Q1
MILAN Oct 28 (Reuters) - Net profit at Italian investment bank Mediobanca rose 57 percent to 171 million euros ($236 million) in the quarter to the end of September as gains from asset sales helped offset a fall in trading income and fees.
Mediobanca said on Monday it had cut its stake in Telco, the holding that controls Telecom Italia, to 7.3 percent from 11.6 percent previously as it started to shrink its large equity portfolio in line with a new strategy unveiled in June.
It booked 80 million euros of total gains from this disposal and the sale of other equity stakes, the bank said in a statement as it released results for the first quarter, which for Mediobanca ends on Sept. 30.
The bank also said its core Tier 1 ratio, a measure of financial strength, stood at 11.5 percent at the end of September. ($1 = 0.7250 euros) (Reporting by Lisa Jucca and Gianluca Semeraro, editing by Silvia Aloisi)