May 6, 2016 / 7:20 AM / 4 years ago

Monte dei Paschi shares rise on Q1 results, lower loan loss provisions

MILAN, May 6 (Reuters) - Shares in Banca Monte dei Paschi di Siena opened more than 6 percent higher on Friday after better-than-expected first-quarter results and lower loan loss provisions outweighed concerns about falling deposits and weaker capital.

The Tuscan-based bank said on Thursday its net profit for the period beat forecasts due to lower loan loss charges, an increase in commissions and falling costs. Profit stood at 93 million euros ($106 million) compared with analyst estimates that ranged between a 5-million euro loss and a 16-million euro profit.

At 0712 GMT, shares in the bank were up 4.8 percent at 0.663 euros, outperforming a 0.5 percent fall in Milan’s blue-chip index. ($1 = 0.8760 euros) (Reporting by Agnieszka Flak; editing by Francesca Landini)

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