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

MILAN (Reuters) - State-owned Italian bank Monte dei Paschi di Siena (MPS) posted a 17.5 million euro ($18 million) second-quarter profit after loan writedowns needed to ease...
Monte dei Paschi posts quarterly profit as it works to cut bad loans © Reuters. FILE PHOTO: 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

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

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)

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17-08-2022 23:24:31 (UTC+7)

EUR/USD

1.0164

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EUR/USD

1.0164

-0.0006 (-0.06%)

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1.2037

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135.45

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 EUR/USD1.0164Sell
 GBP/USD1.2037Neutral
 USD/JPY135.45↑ Buy
 AUD/USD0.6920↑ Buy
 USD/CAD1.2923↑ Sell
 EUR/JPY137.66Buy
 EUR/CHF0.9695Sell
 Gold1,774.75↑ Sell
 Silver19.668↑ Buy
 Copper3.5795↑ Sell
 Crude Oil WTI87.03↑ Buy
 Brent Oil92.60↑ Sell
 Natural Gas9.239↑ Buy
 US Coffee C217.45↑ Sell
 Euro Stoxx 503,756.06Sell
 S&P 5004,267.80↑ Buy
 DAX13,626.71Sell
 FTSE 1007,515.75Neutral
 Hang Seng19,922.45Neutral
 Small Cap 20001,980.95↑ Buy
 IBEX 358,434.80Neutral
 BASF42.685Neutral
 Bayer53.37Neutral
 Allianz177.54Buy
 Adidas169.10↑ Sell
 Lufthansa6.467↑ Sell
 Siemens AG108.64↑ Sell
 Deutsche Bank AG8.856Neutral
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