Monte Paschi Drops After Loss on Bad Loans: Milan Mover
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Banca Monte dei Paschi di Siena SpA, Italy’s third-biggest bank, fell as much as 13 percent in Milan trading after posting a bigger-than-estimated quarterly loss on soaring bad-loan provisions.
Monte Paschi declined 6.7 percent to 17.26 cents by 12:07 p.m. in Milan, bringing the decline this year to 24 percent. The fourth-quarter net loss was 1.59 billion euros ($2 billion), the Siena-based lender said after the close of trading on March 28. The loss was more than double the 686.3 million-euro loss estimated by analysts in a Bloomberg survey.