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Mediobanca fiscal Q4 net profit up YOY

Italian lender Mediobanca - Banca di Credito Finanziario SpA reported net profit of €197.0 million for the quarter ended June 30, up from €182.0 million in the same period in 2018.

Net interest income for the fiscal fourth quarter came in at €348.6 million, up from €345.2 million a year ago. Net fee and commission income was down year over year to €149.7 million from €165.6 million.

Net treasury income stood at €46.2 million, compared to €33.0 million a year earlier.

Operating costs rose year over year to €309.1 million from €301.6 million.

Loan loss provisions for the quarter was €61.2 million, down from €73.7 million a year ago.

For its fiscal full year 2018, the bank's net profit came in at €823.0 million, down from €863.9 million a year ago due to the absence of extraordinary gains.

Return on tangible equity, adjusted for nonrecurring items, stood at 10.2% at June-end, compared to 9.5% a year ago.

The bank's Basel III common equity Tier 1 ratio stood at 14.1% at June-end, compared to 14.3% at the end of March. The total capital ratio stood at 17.5% at June-end, down from 17.8% at March-end.

Mediobanca said it will expand its share buyback program to repurchase 4.3% of its share capital, up from the initial plan of up to 3%.