Mediobanca beats first quarter estimate as fees offset NII decline
MILAN, Nov 12 (Reuters) -Italy's Mediobanca MDBI.MI posted a better-than-expected quarterly profit on Tuesday as net fees more than offset a small decline in net interest income (NII) due to lower interest rates.
The bank's net profit fell 6.1 percent year-on-year to 330 million euros ($351.02 million) in the first quarter of its financial year which goes from July to June, above an analysts' consensus of 319 million euros.
Revenue came in at 865 million euros, broadly flat compared to a year earlier, as fees rose 29% while the net interest income fell 2.2%. The figure was below a consensus provided by the bank of 884 million euros.
($1 = 0.9401 euros)
Reporting by Gianluca Semeraro, editing by Alvise Armellini
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