First quarter still in the red for Mps. The Sienese bank closes the first three months of 2014 with a loss of 174,1 million euros after a loss of 101 million in the same period a year ago. The result depends, explains the note, on "significant non-recurring components".
The interest margin amounted to approximately 446 million euro, down by 21% on the previous quarter and by 25,4% on 31 March 2013. "The dynamics of the aggregate - explains the bank in the note on the accounts - discounted the recalculation of the redemption value of the securities subscribed by the State (so-called NSF) in relation to the provisions of the contractual clauses of the instrument, which link the amount to the consideration that the Monte dei Paschi di Siena Foundation communicates that it has received for the sale of ordinary shares of Banca Monte dei Paschi, with a one-off negative impact on the 1st quarter of 2014 of approximately 143 million euro”. Excluding this amount, the net interest income would be around 588 million euros, with an increase of 4,3% (+24,3 million euros) compared to the 4th quarter of 2013. Net commissions, equal to around 445 million euros euro, rose by 10% compared to the fourth quarter of 2013 (+40 million euro approximately) and by 3,2% compared to the same period of the previous year.
In particular, the bank reports the increase in income from asset management (+23,3% quarter on quarter) and the acceleration in payment services (+13% quarter on quarter). Operating expenses decreased by 3,8% (quarter on quarter). The sale of a portfolio of 500 million non-performing loans is being finalized within the first half of the year. Lastly, total deposits grew by 0,4% on December, driven by the recovery of managed savings and the positive trend of current accounts. Ltro exposure was reduced to 24 billion. Cet 1 is at 10,8%
