Monte dei Paschi: returns to profit in first quarter

(CercleFinance.com) - Banca Monte dei Paschi di Siena said it returned to profit in the first quarter, as the Italian bank benefited from a pickup in commercial activity and a drop in costs.


The Siena-based lender, often presented as the world's oldest bank, reported a net profit of 188 million euros for the three months to March, against a loss of 169 million euros for the same period of 2017.

Total revenues fell to 877 million euros, down 6% year-on-year, due to a contraction in net interest income and in fees and commissions.

Costs fell 12 per cent year-on-year, mostly on the back of headcount reduction.

The bank said its Core Tier-1 ratio stood at 14.4 per cent, compared with 14.8 per cent at the end of 2017.

Its shares are currently up 9% in Milan.

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