Heavy accounts for the Sienese institute. Monte dei Paschi closed the third quarter with a net profit down 65% to 42,2 million euros compared to the same period last year, and lower than analysts' expectations. Overall, if you compare the first 9 months of the year with the same period in 2010, profit decreased by 15% to 304 million.
Continue on capital strengthening of the Bank chaired by Giuseppe Mussari: Tier1 grew to 11,1% (from 8,9% in June) and core Tier2 reached 10,5%. The Sienese institute said it was ready to strengthen its capital as requested by the EBA (the European Banking Authority) to reduce its capital needs by 3,1 billion euros. But it will do "its possible not to resort to the market" and will try to find "capital management initiatives".
EBIT increased (+2,2% to 773,6 million) and revenues (+1,8% to 4,24 billion) while costs decreased (-2,2%) in the period from January in September. In the same months, direct deposits grew by 4,1% to 161 billion euro.
I customer credits of the Group recorded an increase of 2,1% compared to last year (to 156 billion euros), with a market share of 7,67%.
It remains stable Mps's exposure to Italian government bonds to 25 billion euro (out of a bond portfolio which totals 38,5 billion).
In Piazza Affari, the MPS share gains 1,45% around 10.00
