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Mediobanca net profit hit by writedowns
February 26, 2013 / 12:35 PM / 5 years ago

Mediobanca net profit hit by writedowns

MILAN, Feb 26 (Reuters) - Mediobanca, Italy’s best-known investment bank, posted net profit of 14.8 million euros ($19.56 million) in its second fiscal quarter, hit by large impairments on its Telco stake.

The bank had to write down 95 million euros on its 11.6 percent stake in Telco, the controlling shareholder of Telecom Italia, after the holding market down the value of shares in Italy’s biggest telecoms group last week.

In a statement on Tuesday, Mediobanca also said the value of its core Tier 1 ratio, a key measure of capital strength, had inched up to 11.8 percent at the end of December from 11.5 percent at the end of September. ($1 = 0.7567 euros) (Reporting By Gianluca Semeraro and Lisa Jucca; editing by Keith Weir)

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