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Mediobanca CEO says dividend could rise if fiscal Q4 strong

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Mediobanca CEO says dividend could rise if fiscal Q4 strong

CEO Alberto Nageltold analysts May 11 that the bank could consider increasing its dividendshould the fiscal fourth quarter turn out well.

The bankbooked net profit of€121.3 million in the fiscal third quarter ended March 31, down from €205.0million a year earlier. Net profit for the nine months to March 31 amounted to€442.4 million, down year over year from €465.6 million, but Mediobancaattributed this "solely to nonrecurring items."

Nagelhighlighted a 7.8% rise in nine-month net interest income, to €905.7 million,and said a reduction in loan loss provisions to €318.8 million from €410.0million helped the firm to increase gross operating profit by 11% year overyear.

Although henoted that it was too soon to give guidance on the dividend, he said that,"if we continue to do well at [operating] level, we may increase the dividend.… How much is too soon to say, because we have to confirm that we can haveanother good quarter."

Nagel madesimilar following the bank'sfirst- and second-quarter earnings releases. Mediobanca a dividend of 25 cents per share inrespect of its earnings for the fiscal year to June 30, 2015.