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Monte dei Paschi reports 2012 net loss of EUR3.17bn

Italian bank Banca Monte dei Paschi di Siena has reported a net loss of €3.17bn in 2012 compared to €4.69bn in 2011.

Net income from banking and insurance for the year 2012 was €4.99bn, with a decrease of 6.2% from €5.3bn during the same period earlier year.

For the year ended on 31 December 2012, its net interest income stood at nearly €2.83bn, down by 18.1% on the previous year, mainly affected by some elements of discontinuity occurring during the fourth quarter of 2012.

Net fees and commissions were nearly €1.63bn, with a decrease of 7.4% from the previous year, mainly accounted for by institutional funding charges particularly commissions on the Government guarantee required to gain access to ECB LTROs.

Retail banking revenues stood at €3.32bn during the same period a year ago, while its corporate banking revenues stood at €2.08bn.

As at 31 December 2012, the group’s regulatory capital stood at €12.8bn, with Core Tier 1 Ratio at 8.9%, Tier 1 ratio at 9.6% and Total Capital Ratio at 13.8%.

Established in 1472, Banca Monte dei Paschi di Siena manages a network of more than 2,600 branches and offers private banking and corporate banking, with a special focus on household accounts and small and medium enterprises.