May 10 (Reuters) - Italy's Banca Mediolanum posted a sharp increase in its first-quarter net profit, boosted
by resilient fees and a more than doubling of net interest
income (NII), it said on Wednesday.
The bank, which offers its products and services in Italy
and abroad, had its best quarter ever in terms of operating
margin, which amounted to 228 million euros ($251 million), 64%
higher than in the first quarter of last year thanks to the
contribution of all lines of business.
Net profit came in at 178.3 million euros, rising 59% from
the same period of 2022.
NII totalled 157.7 million euros thanks to higher interest
rates and to the weight of the floating rate component in the
credit book and the treasury holdings, Banca Mediolanum said in
a statement.
($1 = 0.9084 euros)
(Reporting by Alberto Chiumento in Gdansk; Editing by Gianluca
Semeraro)
