May 9 (Reuters) - Italy's FinecoBank on Tuesday
trimmed its guidance for net financial income this year, which
it expects to peak in the fourth quarter, sending its shares
down nearly 4%.
FinecoBank said its net financial income, a measure that
combines profits from the bank's treasury portfolio with those
it reaps from the gap between interest rates earned on loans and
those paid on deposits, would grow around 70% over 2022.
In February, it had upgraded that forecast saying the net
financial income would rise by 80% in 2023.
The Milan-listed bank said its net profit for the first
quarter was 147.3 million euros ($162.15 million), up 19%
compared to a year earlier, broadly in line with a Refinitiv
analyst consensus of 146.1 million.
Its net financial income rose 46.5% in January-March to
157.4 million euros, reflecting a 165.3% jump in the net
interest margin while the contribution from the treasury
portfolio was zero for a second straight quarter.
($1 = 0.9084 euros)
(Reporting by Carlo Giovanni Boffa; editing by Valentina Za)
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