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Monte Paschi Swings to Profit Ahead of Planned Capital Hike

  • Siena-based lender posts net income of 9.7 million euros in 1Q
  • New CEO Lovaglio working on capital raise for bailed-out bank
Updated on

Banca Monte dei Paschi di Siena SpA swung to a small quarterly profit as new Chief Executive Officer Luigi Lovaglio seeks to revamp the bailed-out bank ahead of a planned capital raising.

The bank reported a net income of 9.7 million euros ($10.2 million) in the first three months of the year reversing a fourth quarter loss, according to a statement on Friday. The bank had been expected to post a loss of 1.8 million euros according to estimate of analysts surveyed by Bloomberg.