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HomeMarketMonte dei Paschi posts 360.5 million euros nine-month loss By Reuters

Monte dei Paschi posts 360.5 million euros nine-month loss By Reuters

© Reuters. FILE PHOTO: The logo of Monte dei Paschi di Siena bank is seen at a bank entrance in Rome, Italy August 16, 2018. REUTERS/Max Rossi
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MILAN (Reuters) – State-owned Italian bank Monte dei Paschi di Siena (MPS) on Friday reported a 360.5 million loss for the first nine months after booking charges to lay off staff through a costly voluntary scheme.

To fund the scheme and beef up capital, MPS this month raised 2.5 billion euros ($2.6 billion) in a new share issue – five years after an 8 billion euro bailout that handed the state its 64% stake.

MPS said the capital raising had lifted its core capital ratio to 14.7% at the end of September, up from 10.8% three months earlier.

MPS booked 925 million euros in charges in the period to finance 4,000 staff cuts.

Net of those charges the bank’s net profit in the nine months stood at 565 million euros thanks to a 415 million euro tax boost.

($1 = 0.9786 euros)

Story Credit: investing.com

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