Mediobanca on course to beat plan's target after strong quarter
MILAN, Feb 9 (Reuters) -Mediobanca MDBI.MI on Thursday looked on track to exceed targets set under a business plan to June 30, 2023 after a jump in income from lending led to a record first half net profit, the Italian bank said.
Mediobanca, whose fiscal year runs from July to June, posted revenues of 1.7 billion euros ($1.8 billion) in the first six months, more than half of a full-year target of 3 billion euros, the bank said in a statement.
Net profit stood at 555 million euros, above a consensus of 508 million euros provided by the bank. Earnings per share came in at 0.65 euros versus a plan's target of 1.1 euros.
Net interest income rose 15% to 843 million euros as higher rates help lenders profit from the gap between the cost of credit and what they pay on deposits.
Fees held up thanks to the contribution from Mediobanca's wealth management and corporate and investment banking (CIB) divisions. ($1 = 0.9292 euros)
Reporting by Gianluca Semeraro; editing by Valentina Za
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