MILAN May 12 Italy's bailed-out lender Banca
Monte dei Paschi di Siena posted a first quarter loss
of 174 million euros, its eight quarterly loss in a row, as
charges against loan defaults remained high despite signs of an
The loss compared with a loss of 100 million euros a year
Italy's No.3 bank by number of branches, which is in the
middle of a tough restructuring that includes an upcoming
5-billion euro capital increase, said loan loss provisions stood
at 477 million euros, down 1.6 percent from a year ago.
Bigger rival UniCredit earlier reported a 26
percent annual fall in the amount of money it set aside in the
first quarter to cover for soured debts.
Monte dei Paschi's results were also hit by a one-off charge
of 143 million euros linked to an increase in the cost for the
bank of reimbursing 4.1 billion euros of state loans it received
last year. The bank was the only Italian lender to need a
Monte dei Paschi, which says it is the world's oldest bank
still in business, was hit hard by the euro zone's debt crisis
and by a scandal over loss-making derivative trades carried out
under its previous management.
(Reporting by Silvia Aloisi; Editing by Lisa Jucca)