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Financials

Italy's Mediobanca tops profit forecasts thanks to strong fees

MILAN, July 29 (Reuters) - Italy’s Mediobanca on Tuesday posted better-than-expected full-year results thanks to a strong fee performance in its wealth management and its corporate and investment banking businesses.

Net income came in at 808 million euros ($959.5 million), above an average analyst forecast in a consensus provided by the bank of 789 million euros.

The bank said it planned to resume paying dividends and buying back shares following the European Central Bank’s decision to end curbs on earnings distribution on Sept. 30, after it forced lenders to retain capital at the height of the pandemic.

Mediobanca’s financial year runs from July to June. The bank usually pays its dividends in November. ($1 = 0.8421 euros) (Reporting by Gianluca Semeraro, editing by Valentina Za)

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