Monte dei Paschi's board of directors resigned, convening the ordinary and extraordinary shareholders' meeting for 18 December, when the new board will be launched, which will reflect the new corporate structure, after the precautionary recapitalization. This was announced by the Sienese institute. Resignations also for members of the board of statutory auditors. In the new board, 10 out of 13 members will be cast by the Treasury, which will be the controlling shareholder with 70% of the capital.
But this is not the only news today. The Mps board of directors has in fact approved the accounts relating to the first nine months of the current year in which it was registered a loss of 3 billion euros compared to the 849 million red in the same period of 2016. It is above all the adjustments to loans that weigh.
Good news on the third quarter of 2017, closed with a profit of 242 millioni, thanks to the positive impact of burden sharing (554 million) which neutralized 280 million in restructuring costs for the exit of 1.200 employees and the negative impact of 46 million for the contribution to the FITD (Interbank Deposit Guarantee Fund ).
In the first nine months of 2017 revenues amounted to 3,2 billion euros, down 5,7% compared to the same period of the previous year due to the decrease in the interest margin and net commissions. In the third quarter of 2017, revenues, equal to 1,37 billion, instead increased by 451 million compared to the previous quarter, mainly attributable to the effects relating to the burden sharing operation.
Il interest margin in the first nine months of 2017 it amounted to approximately 1,374 billion euro, down by 9,5% compared to the same period of 2016, while in the third quarter it amounted to 470 million euro, up on the previous three months by approximately 24 million euros (+5,5%).
Le net commissions amount to approximately 1,213 billion euro, down by 13,5% compared to the same period of 2016 mainly due to the recognition of the cost of the guarantee on government issues issued in the first quarter and the lower income from the credit sector (against lower volumes than the previous year especially with reference to components a
sight and short-term) as well as lower income from payment services following the successful sale of the merchant acquiring branch as at 30 June 2017. The trend compared to the previous quarter is down by 17,5% due to lower commission income on credit, a seasonal slowdown in placement activity and lower payment services following the aforementioned sale of the acquiring branch.
The gross operating result of the Group amounted to 1.331 million euros (1.488 million euros for the first nine months of 2016), with a contribution of 745 million euros in the third quarter of 2017, up on the previous quarter, including the effects relating to burden sharing . It should be noted that in the 9 months Monte dei Paschi recorded net adjustments value due to impairment of loans, financial assets and other transactions for approximately 4,9 billion euros, 2,884 billion euros higher than those recorded in the same period of the previous year. In the third quarter, write-downs on loans amounting to 175 million instead show an ordinary component in a "strong drop" quarter on quarter.
A Piazza Affari the title it ended the session down 0,44% at 4,496 euros.
