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BANCA MONTE DEI PASCHI DI SIENA S.P.A.

(BMPS)
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Italy's Monte dei Paschi pushes back capital gap to 2023 after good quarter

11/04/2021 | 11:55am EST

MILAN, Nov 4 (Reuters) - Italian state-owned bank Monte dei Paschi di Siena said it would face a capital shortfall only in early 2023, later than initially forecast, after swinging to a profit in the third quarter helped by a write-up on two loans.

Monte dei Paschi had expected to face an up to 500 million euro shortfall in its Tier1 capital by the middle of next year. It said on Thursday it now expected that could be the case only after Jan. 1, 2023.

Monte dei Paschi said third-quarter profit totalled 186.0 million euros, from a loss of 450.6 million euros a year earlier. The bank, which is 64% owned by the state following a 2017 bailout, said it booked a 131.5 million euro write-up in the period on two loans that return to be performing.

Monte dei Paschi confirmed it planned to raise capital next year after the Treasury failed to clinch a sale of the Tuscan lender to UniCredit.

(Reporting by Valentina Za; editing by Silvia Aloisi)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BANCA MONTE DEI PASCHI DI SIENA S.P.A. 0.07% 0.9082 Delayed Quote.1.75%
UNICREDIT S.P.A. -0.01% 13.57 Delayed Quote.0.21%
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Financials
Sales 2021 3 012 M 3 406 M 3 406 M
Net income 2021 340 M 385 M 385 M
Net Debt 2021 - - -
P/E ratio 2021 2,67x
Yield 2021 -
Capitalization 910 M 1 032 M 1 029 M
Capi. / Sales 2021 0,30x
Capi. / Sales 2022 0,31x
Nbr of Employees 21 297
Free-Float -
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Number of Analysts 6
Last Close Price 0,91 €
Average target price 0,96 €
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Guido Bastianini Chief Executive Officer & Director
Giuseppe Sica Chief Financial Officer
Maria Patrizia Grieco Chairman
Vittorio Calvanico Chief Operating Officer
Ettore Carneade Head-Controls, Compliance & Claims Area