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Italy's Monte Paschi posts 3.17 bln euro loss in 2012
March 28, 2013 / 4:56 PM / in 5 years

Italy's Monte Paschi posts 3.17 bln euro loss in 2012

MILAN, March 28 (Reuters) - Italy’s third-biggest lender, Banca Monte dei Paschi di Siena, reported a wider-than-expected net loss of 3.17 billion euros in 2012 as it booked higher bad debt provisions.

The average estimate in a Reuters poll of eight analysts was for a loss of 2.5 billion euros in 2012, following a 4.7 billion euro loss in 2011.

The bank, which received a 4 billion euro state bailout last month, is at the centre of a corruption and fraud probe over the costly acquisition of smaller rival Antonveneta in 2007 and losses linked to derivatives trades that were carried out under its previous management. (Reporting By Silvia Aloisi, editing by Jennifer Clark)

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