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Mediobanca’s first-half net profit tops analyst estimates

Mediobanca on Friday reported higher-than-expected first-half net profit, driven by a surge in net interest income and strength in its wealth management business.

The financial group’s first-half net profit rose 10% year-on-year to EUR 611 million. It compares with a consensus of analyst estimates of EUR 596 million.

Net interest income grew 18% year-on-year to EUR 997 million, Mediobanca said.

Total revenue went up 4% year-on-year to EUR 1.73 billion during the period.

On the other hand, fees dropped 11% due to a weak performance in Mediobanca’s Corporate & Investment Banking business.

Stock Performance

The shares of Mediobanca Banca di Credito Finanziario S.p.A. (MB) closed 0.46% (EUR 0.055) lower at EUR 11.840 in Milan on Thursday, as they extended the losses from the previous three market sessions.

At the start of today’s trading session, the shares were up 0.51% to EUR 11.900.

The financial group’s total market cap now stands at EUR 10.009 billion.

The shares of Mediobanca Banca di Credito Finanziario S.p.A. (MB) went up 24.72% in 2023, compared with a 28.03% gain for the benchmark index, FTSE MIB (FTMIB).

The Italian group’s shares have risen 5.67% so far this year.

Analyst stock price forecast and recommendation

According to TipRanks, at least 2 out of 3 surveyed investment analysts had rated Mediobanca Banca di Credito Finanziario’s stock as “Hold”, while 1 – as “Buy”. The median price target on the stock stands at EUR 13.10, which translates into a 10.64% upside compared to Thursday’s closing price.

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