Milan-based Mediolanum SpA has announced that first quarter net profits slipped to €42.48 million from €46.59 million in the previous year. ...

Milan-based Mediolanum SpA has announced that first quarter net profits slipped to €42.48 million from €46.59 million in the previous year. Profits from Italian operations dropped 7 per cent. Total revenues rose to €826.16 million from €689.89 million and assets under management rose 8 per cent to €26.49 billion at the end of March 2005. In Italy, assets under management rose 6 per cent to €21.53 billion. Mediolanum's private banking unit Banca Esperia boosted its net profit by 44 per cent to €2 million. Assets under management at Esperia rose 46 per cent to €.023 billion.