MILAN, May 11 (Reuters) - Italian lender Monte dei Paschi di Siena swung to a first-quarter net profit of 188 million euros ($224 million) helped by falling writedowns and cost cutting.
The Tuscan bank, which is 68 percent owned by the state following last year’s 8 billion euro rescue, had posted a loss of 169 million euros in the first quarter of 2017.
Monte dei Paschi said on Friday that net income from its lending business rose 1.6 percent quarter-on-quarter helped by lower funding costs. Fees rose 12 percent from the last three months of 2017.
The bank, which on Thursday said it had completed a landmark 24 billion euro bad loan sale, said it had kicked off a process to offload up to another 4.5 billion euros in impaired debts this year.
$1 = 0.8393 euros Reporting by Valentina Za Editing by Mark Bendeich