Monte dei Paschi di Siena: Net profit increased in the quarter

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State-owned Italian bank Monte dei Paschi di Siena reported a net profit of 17.5 million euros after loan write-downs deemed necessary to facilitate sales.

Net profit rose from €9.7m in the first quarter, despite weaker net commissions due to difficult market conditions and a much smaller contribution from trading income.

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The bank said it had agreed to sell 900 million euros worth of impaired loans, allowing it to reduce bad debt as a percentage of total lending to 3.9%.

Reducing bad debt is among the new restructuring commitments Italy agreed to with the Commission this week, when it secured a multi-year extension of the extension originally given until the end of 2021 to re-privatize MPS.

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The Tuscan bank said it expects the ECB to approve the proposed €2.5 billion bond in time for the September 15 general meeting of shareholders.

Source: Capital

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