The first half of Mediobanca's financial year ended in December, which is archived with profit doubled to 124 million and revenues down 6,4% to 911 million. The institute announces it in a note. In the quarter, on the other hand, a profit of 14,8 million was recorded, against 6,6 million a year ago, a much higher figure than the consensus given at -10 million. Revenues amounted to 457,6 million against 497,6 million in the same period of the previous year.
In the note, we can read that Mediobanca's result "reflects, on the one hand, the sharp slowdown in the economic situation and in activity with households and businesses, and, on the other, the group's prudent lending policy, constant cost containment and maintenance of high quality assets”.
The main capital ratio, core tier 1, rises to 11,8%, in September 2012 it was 11,5%. Revenues are affected by the stable contribution from trading (106 million against 112 million) and the growth in profits from equity investments (from 72 to 86 million) offset part of the reduction in the interest margin (-7% compared to a year before) and net commissions (-14% year ago).
