Italy's Banca Mediolanum raises 2023 guidance on NII to 700 mln euros
Adds CEO quotes from press briefing, changes headline, lead
MILAN, Feb 8 (Reuters) -Banca Mediolanum BMED.MI raised its guidance on net interest income for 2023 after beating its forecasts for last year, helped by rate hikes and also sees a "significant improvement" in net inflows, the chief executive said on Wednesday.
The bank, which offers its products and services in Italy and abroad, now expects a net interest margin in 2023 of around 700 million euros ($750 million), compared with a previous estimate of 600 million euros, CEO Massimo Doris told a post-results press briefing.
In 2022 Banca Mediolanum posted a net interest income of 407 million euros, above guidance of 390 million euros, while fees proved resilient in a year marked by a strong financial markets correction.
Italso reported a 35% rise in full-year operating margin to 680 million euros, in line with the "double-digit increase"previously forecast by Doris.
Banca Mediolanum said its boardwould propose a dividend balance of 0.26 euro per share, bringing the total dividend for 2022 to 0.50 euros, despite a 27% drop in net profit, mainly due to non-recurring effects tied to the good performance of financial markets in 2021.
Total net inflows stood at 8.3 billion euros last year, 10% less than the 2021 figure. The bank sees an improvement of around 1 billion in 2023 compared to the overall figure for 2022, Doris said. In January it posted net inflows of 929 million euros.
($1 = 0.9307 euros)
Reporting by Gianluca Semeraro and Enrico Sciacovelli, editing by Federico Maccioni and Keith Weir
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