Euro News Source
No Result
View All Result
Thursday, August 18, 2022
  • Login
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videosnew
Subscribe
Euro News Source
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videosnew
No Result
View All Result
Euro News Source
No Result
View All Result
Home News Italy

Monte dei Paschi posts quarterly profit as works to cut bad loans

by Francesco Mazzagatti
August 5, 2022
in Italy
A A
0
152
SHARES
1.9k
VIEWS
FacebookTwitterLinkedin

The logo of Monte dei Paschi di Siena bank is seen in a bank entrance in Rome, Italy August 16, 2018. REUTERS/Max Rossi/File Photo

Register now for FREE unlimited access to Reuters.com

MILAN, Aug 5 (Reuters) – State-owned Italian bank Monte dei Paschi di Siena (MPS) (BMPS.MI) posted a 17.5 million euro ($18 million) second-quarter net profit after loan writedowns needed to ease disposals.

Net profit was up from 9.7 million euros in the first quarter, despite weaker net fees due to tough markets and a much smaller contribution from the trading income.

MPS said it had agreed to sell impaired loans worth 900 million euros, allowing it to cut problem debts as a share of total lending to 3.9%.

Register now for FREE unlimited access to Reuters.com

The reduction of bad debts is among fresh restructuring commitments Italy agreed this week with the European Commission when it secured a years-long extension of an initial end-2021 deadline to re-privatise MPS.

The Tuscan bank said it expected the European Central Bank to approve its proposed 2.5 billion euro capital raising in time for a shareholder vote on the new share sale on Sept. 15.

MPS said more banks had joined the guarantee consortium.

BofA, Citi, Credit Suisse and Mediobanca have signed a preliminary agreement to pick up any unsold shares in the cash call, but the underwriting contract is subject to clauses, including positive investor feedback.

In the first set of quarterly results under new Chief Executive Luigi Lovaglio, MPS joined rival Italian lenders in reaping the benefits of higher rates on its lending margin, which rose 4.3% quarter-on-quarter and 12.8% from a year ago.

($1 = 0.9777 euros)

Register now for FREE unlimited access to Reuters.com

Reporting by Valentina Za; editing by Agnieszka Flak

Our Standards: The Thomson Reuters Trust Principles.

Source: Reuters

Tags: AMERSBISVBISV08BNKSBNKS1BSVCCDMCEEUCHCMPNYDBTEUROPEZCFINFINSFINS08ITLOANAMERPUBLUSWEU

Related Posts

Italy

Prima Industrie to go private after Femto takes majority stake

August 18, 2022
Italy

EXCLUSIVE PDVSA pauses oil-for-debt shipments to Europe, wants product swaps

August 12, 2022
Italy

Italy’s right pledges tax cuts, immigration curbs, welfare reform

August 12, 2022
Italy

New Italian centrist group aims to fight left and right ‘populism’

August 11, 2022
Italy

Italy’s Meloni, leading in polls, says she is no threat

August 10, 2022
Italy

Italy’s Berlusconi bids for Senate seat, smothers stations with ads

August 10, 2022
  • Trending
  • Comments
  • Latest

Woman livestreams fatal stabbing of half-sister

October 25, 2021

Prison sentences for protestors who pray outside abortion clinics in Spain

February 4, 2022

Investigation opened into porn video recorded on altar of Flemish church

November 3, 2021

Where is Gary McCrea now?

March 24, 2022
Freedom Day

Freedom Day

0
Fire Accident

Fire Accident In Iraq

0
Scotland

Advice from the Scotland Prime Minister

0
Brexiteers

Brexiteers Should Thank The EU

0

Nairo Quintana will skip La Vuelta but denies tramadol use, set to start CAS enchantment

August 18, 2022

New housing permits fall short of 2022 goal

August 18, 2022

RAF personnel main ‘unashamed’ of ‘pausing career presents for white men’ to make use of far more women and ethnic minorities

August 18, 2022

Electricity demand in Spain drops 3.7 per cent with new energy saving measures

August 18, 2022

Recent Posts

Nairo Quintana will skip La Vuelta but denies tramadol use, set to start CAS enchantment

August 18, 2022

New housing permits fall short of 2022 goal

August 18, 2022

RAF personnel main ‘unashamed’ of ‘pausing career presents for white men’ to make use of far more women and ethnic minorities

August 18, 2022

Electricity demand in Spain drops 3.7 per cent with new energy saving measures

August 18, 2022

‘It normally takes character, b******s, courage’ – Ronnie O’Sullivan points out why currently being snooker GOAT is ‘a very lonely place’

August 18, 2022

Travelodge on hunt for 140 new websites less than £3bn expansion designs

August 18, 2022

Recent Posts

  • Nairo Quintana will skip La Vuelta but denies tramadol use, set to start CAS enchantment
  • New housing permits fall short of 2022 goal
  • RAF personnel main ‘unashamed’ of ‘pausing career presents for white men’ to make use of far more women and ethnic minorities
  • Electricity demand in Spain drops 3.7 per cent with new energy saving measures
  • ‘It normally takes character, b******s, courage’ – Ronnie O’Sullivan points out why currently being snooker GOAT is ‘a very lonely place’

Categories

  • Austria
  • Bahamas
  • Belarus
  • Belgium
  • Breaking News
  • Brexiteers
  • Business
  • China
  • COVID Cases
  • Covid-19
  • Cyber security
  • Debt
  • Economics
  • Energy
  • England
  • Fashion
  • Fire Accident
  • Food
  • France
  • Freedom Day
  • Germany
  • Health
  • Human Launch
  • Humanitarian
  • Ireland
  • Italy
  • Netherlands
  • News
  • Norway
  • Opinion
  • Politics
  • Refugees
  • Russia
  • Russia
  • Rwanda
  • Saudi Arabia
  • Science
  • Scotland
  • Scotland
  • Spain
  • Spanish-Flu
  • Sports
  • Switzerland
  • Travel
  • Ukraine
  • United Kingdom
  • Videos
  • Wales
  • Zambia

Site Navigation

  • About
  • Advertise
  • Guest Post
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
Euro News Source

Euro News Source is one of the best sources of European News. We provide the latest news from the European Union and its member states, local and international political, economic and sports news. Follow us to receive all news from around the European Union.

© 2021 Euro News Source.

No Result
View All Result
  • Home
  • Latest News
    • All Europe
    • United Kingdom
      • England
      • Ireland
      • Scotland
      • Wales
    • France
    • Germany
    • Italy
    • Spain
    • Austria
    • Belgium
    • Netherlands
    • Switzerland
  • Economics
  • Politics
  • Health
  • Sports
  • Videos

© 2021 Euro News Source.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?