May 9, 2019 / 10:55 AM / 2 months ago

Monte dei Paschi Q1 net drops 85 pct y/y, weaker growth lifts writedowns

MILAN, May 9 (Reuters) - Monte dei Paschi di Siena posted an 85 percent drop in first-quarter net profit, hit by shrinking revenues and higher writedowns linked to Italy’s worsening economic outlook.

The state-owned bank said on Thursday it had been forced to raise provisions against problem loans after cutting its estimate for Italy’s 2019 economic growth as required by new, forward-looking accounting rules.

Monte dei Paschi, which was bailed out by the state in 2017, said net profit stood at 28 million euros in January-March with interest and commission income both down compared with a year earlier. (Reporting by Valentina Za, editing by Silvia Aloisi)

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