UPDATE 1-Fresh writedowns hit Mediobanca in Q2

(Adds details from statement, shares)

MILAN Feb 22 (Reuters) - Net profit at Italian investment bank Mediobanca shrank to 6.6 million euros in the second quarter, hit by fresh writedowns on Greek bonds and Italian assets during the most acute phase of the euro zone crisis.

Mediobanca, which is branching out from its traditional investment banking activities into retail and private banking, booked a total of 269 million euros of losses on securities and investment portfolios in the six months ending Dec. 31, with nearly 200 million euros deriving from the second quarter.

"The six months under review were impacted by the deterioration of the euro zone crisis, which led to reductions in value of the main asset classes, accelerating the contraction in the various economies," the Milan-based bank said in a statement.

Writedowns for Greek bonds rose to 114.5 million euros after the bank further marked down the value of these bonds, now recognised at around 30 percent of their nominal value.

Results were also hit by a fresh writedown of 55 million euros on its stake of around 14 percent n Italian publisher RCS Mediagroup, which was partly offset by one-off gains from the sale of a property in Monaco.

Net profit stood at 135.3 million euros in the second quarter of the previous year.

Shares in Mediobanca were up 1.5 percent at 4.93 euros at 1239 GMT, little changed from before the earnings release and outperforming the STOXX European banking index, which was down 1.5 percent.

The bank's core Tier 1 ratio, a measure of financial strength, stood at 11 percent, nearly unchanged from the previous quarter and one of the strongest in Italy.

The bank also said that funding was up to 54 billion euros from 51.7 billion previously after it took 4 billion euros in cheap three-year European Central Bank loans at the end of December and after deposits at retail arm Che Banca! rose by 700 million to 10.7 billion euros. (Reporting By Lisa Jucca; Editing by David Cowell)