This content is not available in your region

Banca Monte dei Paschi di Siena benefits from Q1 profit

Banca Monte dei Paschi di Siena benefits from Q1 profit
Text size Aa Aa

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

Euronews is no longer accessible on Internet Explorer. This browser is not updated by Microsoft and does not support the last technical evolutions. We encourage you to use another browser, such as Edge, Safari, Google Chrome or Mozilla Firefox.