August 1, 2018 / 5:23 AM / in a year

Italy's Mediobanca raises dividend as it reaches operating target year early

MILAN, Aug 1 (Reuters) - Italian investment bank Mediobanca raised its dividend on Wednesday after posting record-breaking results and reaching a key operating target a year ahead of time.

Revenues in the financial year ending in June rose 10 percent to 2.4 billion euros ($2.8 billion), boosted by its consumer banking and wealth management businesses, and just above a company-provided consensus of 2.39 billion euros.

Gross operating profit for the full-year was up 23.6 percent to 1.057 billion euros, reaching one year ahead of time the target the bank had set for its three-year plan ending in 2019.

Mediobanca, which will pay a dividend of 0.47 euros per share, said it approved a treasury share buyback scheme for 3 percent of its share capital. ($1 = 0.8564 euros) (Reporting by Giulia Segreti)

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