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Monte Paschi posts ninth consecutive quarterly loss in Q2
August 7, 2014 / 4:46 PM / 3 years ago

Monte Paschi posts ninth consecutive quarterly loss in Q2

MILAN, Aug 7 (Reuters) - Italy’s third biggest lender, Banca Monte dei Paschi di Siena, posted a worse-than-expected loss in the second quarter as charges on souring loans rose, it said on Thursday.

The bank, which received a 4.1 billion euro ($5.47 billion) state bailout last year, said the net loss in the three months between April and June stood at 178.9 million euros compared with an average forecast for a 57.5 million euros loss in a Reuters poll of eight analysts.

It was the bank’s ninth consecutive quarterly loss.

Net impairment losses on loans stood at around 1.2 billion euros in the first half, up 17.4 percent on a year earlier.

Loan loss charges rose a whopping 53.5 percent quarter on quarter.

1 US dollar = 0.7491 euro Reporting by Silvia Aloisi

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