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Monte Paschi Profit Struggles Complicate Exit From State Control

Banca Monte dei Paschi di Siena SpA had another tough quarter for earnings, showing how far the state-rescued Italian lender has to go before it can re-emerge as a private company.

Second-quarter net income fell 35% to 65.3 million euros ($72 million) from a year earlier hurt by lower income from lending and fees, the Siena-based bank said. Monte Paschi Chairman Stefania Bariatti said in February that the bank will start working with the government on an exit plan at the end of this year.