ROME (dpa-AFX) - Italian banking company Banca Mediolanum S.p.A. (BMED.MI, BNMDF) on Thursday reported higher first-quarter profit, driven by strong growth in fee income and net interest income.
Net income increased 13% to 276.2 million euros from 243.3 million euros in the year-ago quarter.
Net commission income rose 12% to 353.5 million euros from 316.2 million euros last year. Net interest income surged 31% to 236.3 million euros from 180.0 million euros a year earlier, mainly reflecting lower funding costs and higher customer deposit contributions.
Profit before tax increased 15% to 379.5 million euros from 330.0 million euros last year.
Operating margin climbed 25% to 350.1 million euros from 279.1 million euros in the prior-year quarter, while contribution margin rose 18% to 581.9 million euros.
Looking ahead, the company said it expects 2026 net inflows into managed assets to remain solid at around 9 billion euros, assuming stable markets.
Massimo Doris, CEO of Banca Mediolanum, comments: '2026 opened with a particularly positive first quarter for Banca Mediolanum, fully in line with the path of growth and solidity that has characterised recent years. Net income recorded a significant increase of 13%, reaching €276.2 million, driven in large part by the quality of our core business, with operating margin up 25% and net interest income rising by 31%. Particularly noteworthy is the development of the loan book, exceeding €19 billion, confirming Banca Mediolanum's increasingly central role for Italian households in the areas of mortgages and loans.'
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