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Banca Monte dei Paschi di Siena benefits from Q1 profit

Shares in Italy's Banca Monte dei Paschi di Siena got a little bit of a boost on Friday from its better-than-expected first-quarter profit of 93 million euros.

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Banca Monte dei Paschi di Siena benefits from Q1 profit

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Shares in Italy’s Banca Monte dei Paschi di Siena got a little bit of a boost from its better-than-expected first-quarter results – a profit of 93.2 million euros.

Analysts forecasting how it would perform had said everything from a five million euro loss and a 16 million euro profit.

Provisions for bad loans were down to their lowest in four years, while costs declined and commissions increased.

Italy’s third-largest bank did however suffer falling deposits and weaker capital.

Chief Executive Fabrizio Viola is restructuring, reducing non-performing loans and selling assets.

Because it is carrying so many bad loans, the bank lost about half of its value on the stock market in January but has recovered a bit due to the European Commission approved deal whereby Italian banks can start to clear their books by selling some of those loans