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Mediobanca Q2 profit almost doubles on higher revenues, cost cuts
February 9, 2017 / 6:36 AM / 10 months ago

Mediobanca Q2 profit almost doubles on higher revenues, cost cuts

MILAN, Feb 9 (Reuters) - Italian investment bank Mediobanca said on Thursday its second-quarter net profit almost doubled, lifted by stronger revenues and cost cuts.

Net profit for the three months to December was 147.5 million euros ($158 million) from 76.8 million euros a year earlier.

Loan loss provisions in the period rose to 96.9 million euros from 86.8 million euros in the preceding quarter.

The bank, the largest shareholder of Assicurazioni Generali , said the equity contribution from the insurer in the first half was largely steady at 134.7 million euros.

Italy’s top retail bank Intesa Sanpaolo has said it is examining a possible tie-up with Generali. ($1 = 0.9363 euros) (Reporting by Stephen Jewkes; editing by Agnieszka Flak)

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