off-the-wire

Banca Mediolanum posts better Q1 net profit after jump in NII

Kitco Media
By Reuters
Published:
Updated:
Reuters
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)

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