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Mediobanca fiscal Q4 profit falls YOY amid one-off charges

Mediobanca SpA reported fiscal fourth-quarter net profit of €136.3 million, down from €162.1 million in the year-ago period.

The Italian bank said its fiscal fourth-quarter result was impacted by one-off charges, including integration and restructuring costs related to Banca Esperia SpA, which it fully acquired in April, and SelmaBipiemme Leasing.

Net interest income rose on a yearly basis to €332.7 million from €301.0 million, and net commission income increased to €120.7 million from €113.7 million.

The bank booked loan loss provisions of €68.6 million in the period, down from €100.1 million a year earlier, and other losses of €46.0 million, an increase from €13.0 million a year earlier.

For the year ended June 30, the bank reported net profit of €750.2 million, up 24.1% from €604.5 million a year earlier. Net interest income for the fiscal full year was €1.29 billion, up from €1.21 billion a year earlier.

The dividend proposed for the year was 37 cents per share, higher than the 27 cents per share paid in the prior fiscal year.

As of June 30, the bank's phased-in common equity Tier 1 ratio was 13.3%, compared with 12.1% at the end of June 2016.