May 11, 2018 / 5:55 AM / 16 days ago

Monte dei Paschi swings to Q1 net profit of 188 mln euros

MILAN, May 11 (Reuters) - Italian lender Monte dei Paschi di Siena swung to a first-quarter net profit of 188 million euros ($224 million) helped by falling writedowns and cost cutting.

The Tuscan bank, which is 68 percent owned by the state following last year’s 8 billion euro rescue, had posted a loss of 169 million euros in the first quarter of 2017.

Monte dei Paschi said on Friday that net income from its lending business rose 1.6 percent quarter-on-quarter helped by lower funding costs. Fees rose 12 percent from the last three months of 2017.

The bank, which on Thursday said it had completed a landmark 24 billion euro bad loan sale, said it had kicked off a process to offload up to another 4.5 billion euros in impaired debts this year.

$1 = 0.8393 euros Reporting by Valentina Za Editing by Mark Bendeich

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below