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Mediobanca hikes provisions for bad debt amid AQR
February 19, 2014 / 11:38 AM / 4 years ago

Mediobanca hikes provisions for bad debt amid AQR

MILAN, Feb 19 (Reuters) - Mediobanca lifted its provisions for bad debts by 30 percent in the last six months of 2013, as it prepares to incorporate the full impact of a euro zone-wide asset health check by the European Central Bank.

Mediobanca, the first Italian bank to issue quarterly results, said its second-quarter net profit had jumped to 133.5 million euros ($183.6 million) from 14.8 million euros a year earlier.

Earnings in the second quarter, which in Mediobanca’s case ends in December, were helped by capital gains from the sale of equity stakes and lower taxes.

Yet, net interest income was down on a quarterly basis, reflecting the sluggish economic environment in its core Italian market and high cost of funding. ($1 = 0.7272 euros) (Reporting by Lisa Jucca, editing by Silvia Aloisi)

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