Monte dei Paschi di Siena has today reported a first quarter profit of €9.7m and said new chief executive Luigi Lovaglio would present a new plan for the Italian state-owned bank on June 23.
The first quarter result compares with a €78.6m loss in the previous quarter and a €119.3m profit during the same time last year.
Lovaglio, a former UniCredit executive, is currently revising a previous strategic plan Monte dei Paschi submitted to European authorities in December in order to take into account their feedback and the changed macroeconomic environment.
Monte dei Paschi said the size of a planned capital raising for the moment remained at €2.5 billion.
Revenues were up 8.7% from the previous quarter as the sale of securities boosted trading income.
The bank set aside €111.3m against loan losses in the period, half the previous quarter's figure when it had tightened criteria to assess some impaired loans.
