Mediobanca suitor Monte dei Paschi posts strong earnings
Monte dei Paschi's (MPS) buyout offer for Mediobanca, which runs until September 8, is one of a dozen takeover offers reshaping Italian banking. Capital reserves, which MPS can tap to sweeten its offer, increased sharply in the quarter.
MPS said net profit in the three months through June totalled 479 million euros ($554 million), compared with a 349 million euro forecast in a company-provided analyst consensus.
At 1.05 billion euros, revenues were up 4% versus the previous quarter with trading income jumping by a third, net interest income up despite falling rates and net fees also rising. Analyst had looked for revenues of 982 million.
MPS was rescued by the state in 2017 and has since restructured under CEO Luigi Lovaglio.
($1 = 0.8639 euros)
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