Mediobanca plans $223M buyback following successful year.
Mediobanca to Buy Back Shares After Record Profits
The Italian bank, Mediobanca, announced on Thursday that it plans to repurchase its own shares for approximately 200 million euros ($223 million) in the upcoming fiscal year. This decision comes after the bank closed the previous year with record revenues and profits.
The bank’s net profit for the 12 months through June increased by 13% to 1.03 billion euros, despite facing one-off hits totaling around 190 million euros.
Mediobanca recorded a 49.5 million euro impairment on Swiss asset manager RAM, while also allocating 26 million euros for voluntary staff exits to promote generational turnover.
Revenues surged by 16% to 3.3 billion euros, surpassing the target set under a three-year plan through mid-2023. This growth was driven by higher rates, which boosted net interest income, and the resilience of wealth management fees despite challenges in the corporate and investment banking sector.
“Mediobanca in the next three years will deliver strong growth in wealth management, more efficient risk weighted asset (RWA) management, and enhanced shareholder remuneration,” stated Chief Executive Alberto Nagel. ($1 = 0.8976 euros)
(Reporting by Gianluca Semeraro; editing by Valentina Za)
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