February 6, 2020 / 11:41 AM / 12 days ago

Mediobanca profits up on consumer business, wealth management

MILAN, Feb 6 (Reuters) - Mediobanca on Thursday reported stronger than expected net profit in the first half of its 2019-20 fiscal year as wealth management fees boosted revenues and margins in the Italian bank’s consumer business proved resilient.

In November, Mediobanca rejected calls from new top shareholder Leonardo Del Vecchio for the bank to return to its investment banking roots by outlining plans to expand its wealth management and consumer credit businesses.

Net profit for the six months to the end of December came in at 468 million euros ($514.75 million), up 4% from a year ago, beating a consensus compiled by the bank which had an average estimate of 446 million euros.

Also in the second quarter, net profit was better than consensus and stood at 197 million euros versus an average estimate of 175 million euros.

$1 = 0.9092 euros Reporting by Gianluca Semeraro, editing by James MacKenzie and Jane Merriman

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