May 7, 2020 / 11:11 AM / a month ago

Mediobanca suspends dividend policy, remains committed to plan

MILANO, May 7 (Reuters) - Italian financial group Mediobanca said on Thursday it suspended its dividend policy for the current fiscal year to comply with regulatory calls but remained committed to its current business plan despite the coronavirus crisis.

While rushing to flood the system with liquidity and ease requirements, the European Central Bank has asked euro zone banks to halt dividend payments and share buybacks until at least early October.

Mediobanca’s fiscal year ends on June 30 and dividends are paid in November. Under a plan unveiled last year, Mediobanca targeted to pay a dividend of 0.52 euros per share for the current fiscal year.

The board will issue a new guidance on dividends at the end of July, when full-year results will be approved, the bank said in a statement.

Mediobanca posted a net profit of 85 million euros ($91.64 million) in its third quarter, down from 175.5 million euros a year ago but broadly in line with a consensus compiled by the bank. ($1 = 0.9276 euros) (Reporting by Gianluca Semeraro, editing by Giulia Segreti)

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