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Mediobanca to launch new $223 million buyback after record year

by Staff GBAF Publications Ltd
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Mediobanca to launch new $223 million buyback after record year

MILAN (Reuters) – Italy’s Mediobanca said on Thursday it would buy back its own shares for around 200 million euros ($223 million) in its new fiscal year after closing the previous one with record revenues and profits.

The bank posted a 13% yearly rise in net profit to 1.03 billion euros in the 12 months through June, after one-off hits totalling around 190 million euros.

Mediobanca booked a 49.5 million euro impairment on Swiss asset manager RAM while also setting aside 26 million euros to fund voluntary staff exits to boost generational turnover.

Revenues rose 16% to 3.3 billion euros, topping the target set under a three-year plan through mid-2023, as higher rates lifted net interest income and wealth management propped up fees despite a tough backdrop in corporate and investment banking.

“Mediobanca in the next three years will deliver strong growth in wealth management, more efficient risk weighted asset (RWA) management, and enhanced shareholder remuneration,” Chief Executive Alberto Nagel said in a statement.($1 = 0.8976 euros)

 

(Reporting by Gianluca Semeraro; editing by Valentina Za)