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Mediobanca swings back to profit in Q3
May 8, 2014 / 2:16 PM / 3 years ago

Mediobanca swings back to profit in Q3

MILAN, May 8 (Reuters) - Italy’s Mediobanca returned to profit in its third fiscal quarter from a year ago helped by gains from asset sales, with analysts saying the investment bank is yet to reap the full benefits of a flurry of capital market activity at home.

In a statement on Thursday, Mediobanca said it had posted a net profit of 90.6 million euros ($126.1 million), compared with a loss of 86.6 million euros a year earlier mainly caused by the negative performance of insurer Generali, the single biggest investment in the bank’s multi-billion equity portfolio.

Mediobanca, which is shedding stakes in a raft of Italian companies to focus on its core banking business, said it had booked capital gains worth 69 million euros in the third quarter, which for Mediobanca ends in March.

Analysts expect the bank to reap an estimated 60 million euros in fees in the final quarter of the fiscal year from underwriting activities linked to nearly 11 billion euros of planned share issues by Italian banks. ($1 = 0.7183 Euros) (Reporting by Lisa Jucca)

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