MPS closed the first quarter with a consolidated group net profit of 521 million euros, exceeding the bank's compiled consensus of 511 million euros, driven by revenue growth, according to a company statement.

The figure represents a sharp decline compared to the previous year, when the bottom line was bolstered by tax benefits.

Total revenues reached 1.96 billion euros, with Mediobanca contributing approximately 925 million euros, surpassing analyst forecasts of 1.92 billion euros.

(Translated by Gdansk Newsroom, editing by Stefano Bernabei)