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Italy's Mediobanca reports higher fiscal Q1 net profit

Italy's Mediobanca - Banca di Credito Finanziario SpA reported net profit of €270.6 million for the three months ended Sept. 30, up from 245.4 million in the same period in 2018.

Net interest income for the three months rose 4.4% to €359.1 million, up from €344.1 million a year ago. Net fee and commission income ticked down year over year to €154.9 million from €155.1 million.

Net treasury income decreased year over year to €34.7 million from €40.8 million.

Operating costs increased by 4.1% to €282.6 million from €271.4 million a year earlier. The cost-to-income ratio was 41.3%.

Loan loss provisions for the quarter were €65.1 million, up from €58.8 million a year ago.

As of September-end, the bank's return on tangible equity, adjusted for nonrecurring items, stood above 10%. The bank's common equity Tier 1 ratio stood at 14.2% at the end of September.