Mediobanca SpA, Italy’s biggest publicly-traded investment bank, said fiscal second-quarter profit fell 24 percent after sharing the costs of winding down four of the country’s lenders.

Net income declined to 76.8 million euros ($86.7 million) in the three months through December from 100.6 million euros a year earlier, the Milan-based company said in a stock exchange statement Thursday. That compares with 82 million-euro estimate of four analysts surveyed by Bloomberg.

Chief Executive Officer Alberto Nagel is disposing of assets that aren’t central to the company’s strategy, to focus on the main business of corporate and investment banking, and to expand retail banking and asset management. The lender agreed in December to absorb Barclays Plc’s consumer-banking operations in Italy as part of its breaking strategy that saw in previous decades the bank use stakes in companies to help dominate local dealmaking.

Revenue rose 4 percent from a year earlier to 509.2 million euros on higher net interest income and commissions driven by M&A and capital market business.

“Although the weak markets mean some deals might be postponed, the investment-banking deal pipeline for the coming quarters continues to look healthy,” the bank said in a statement.

Mediobanca booked 57.3 million euros to pay for the rescue of four regional banks announced in November. Loan-loss provisions fell to 109 million euros in the quarter from 180.2 million euros a year earlier.

Mediobanca’s common equity Tier 1 ratio fully loaded a key measure of financial strength, rose to 13.4 percent as of Dec. 30 from 13.3 percent at the end of September.

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