MILAN, May 9 (Reuters) - State-owned Monte dei Paschi di
Siena on Tuesday reported a much larger than expected
jump in first quarter net profit as it slashed costs and, like
peers, reaped the benefits of higher interest rates.
Monte dei Paschi (MPS) said net profit came in at 236
million euros ($260 million), outstripping a 150 million euro
market consensus cited by analysts, and growing more than
20-fold compared with a 10 million euro profit last year.
Income from the lending business rose 57% from a year
before, outpacing expectations.
Operating costs fell 14% year-on-year.
The bank said its best-quality capital stood at 14.9% of
risk weighted assets (RWAs), down from 15.6% at the end of last
year, after a revision of internal risk models drove a 3.8
billion euro increase in RWAs in the quarter.($1 = 0.9084 euros)
(Reporting by Valentina Za, editing by Gavin Jones)
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