CERNOBBIO Italy (Reuters) – UniCredit (CRDI.MI: Quote, Profile, Research), Italy’s biggest bank by assets, is sticking to its full-year net profit target of 2 billion euros (1.59 billion pounds) despite a worsening economic outlook for its Italian home base, its chief executive said on Saturday.
Italian gross domestic product contracted 0.2 percent in the second quarter as a fall in investments dragged the country back into recession, according to the latest in a recent string of grim numbers for the eurozone’s third-largest economy.
MILAN, Aug 7 (Reuters) – Italy’s third biggest bank, Monte
dei Paschi di Siena, posted a worse-than-expected loss
in the second quarter as charges on souring loans rose,
underlining the challenges the bailed-out lender still faces to
turn itself around.
The bank, which received 4.1 billion euros ($5.47 billion)
in state aid last year, said the net loss in the three months
between April and June stood at 178.9 million euros.
MILAN, Aug 5 (Reuters) – Net profit at UniCredit,
Italy’s biggest bank by assets, rose 12 percent in the second
quarter thanks to a marked improvement in its home market and a
solid contribution from eastern Europe.
The bank said Italy had contributed around 600 million euros
(801.72 million US dollar) to its earnings for the quarter, and
central and eastern Europe around 400 million euros.
MILAN, Aug 1 (Reuters) – Italy’s biggest retail bank, Intesa
Sanpaolo, beat analysts’ forecasts with a
second-quarter net profit of 217 million euros ($291 million),
helped by its strategic shift towards asset management.
Intesa’s net profit in the three months from April to June
compared with 116 million euros a year ago and a Thomson Reuters
consensus forecast of 109 million euros.
MILAN (Reuters) – An Italian appeals court unexpectedly overturned Silvio Berlusconi’s conviction on charges of abuse of office and paying for sex with a minor, in a significant legal victory for the former prime minister.
The Milan court on Friday threw out a guilty verdict handed down last year by a lower tribunal, which had sentenced Berlusconi to seven years in jail and banned him from holding public office.
MILAN, June 10 (Reuters) – Italian bank Monte dei Paschi’s
5 billion euro capital raising caused confusion on the
Milan stock exchange on Tuesday, where the bank’s shares have
jumped 40 percent in two days but have not traded.
Italy’s third biggest bank, which has taken two bailouts
since 2010, is expected to succeed in raising the cash it needs
to repay the government aid and bolster its finances in
preparation for a wide-ranging review of European banks.
MILAN, June 10 (Reuters) – Shares in Monte dei Paschi
, the bailed-out Italian bank raising 5 billion euros
via a rights issue, did not trade for a second day on Tuesday
due to a technical bottleneck that has created a big gap between
bid and offer prices.
The shares also did not trade until the close on Monday, the
day Italy’s third biggest bank began the capital raising
designed to repay state aid and bolster its finances in
preparation for a Europe-wide review of lenders.
MILAN, June 9 (Reuters) – Bailed-out Italian bank Monte dei
Paschi di Siena launched a 5 billion euro ($6.9
billion) share sale on Monday, seeking to repay state aid and
bolster its finances in preparation for a pan-European review of
The share issue is one of nine capital increases already
completed or due to be launched this year by Italian banks after
the country’s longest recession since World War II.
MILAN/ROME, June 6 (Reuters) – Bailed-out Italian bank Monte
dei Paschi di Siena has warned its 5 billion euro
($6.9 billion euros) share issue may not be enough to bolster
its balance sheet if EU regulators force it to set aside more
cash to cover for bad loans.
In a 515-page prospectus for the cash call, due to start on
Monday, Italy’s third-largest bank said it could need further
capital-strengthening measures after the European Central Bank
(ECB) and the European Banking Authority (EBA) complete their
review of lenders across the euro zone.
MILAN, June 5 (Reuters) – Bailed-out lender Banca Monte dei
Paschi di Siena priced its upcoming 5-billion euro
rights issue at a big discount as it seeks to lure investors for
a vital cash call meant to avert nationalisation.
In a statement late on Thursday, the Tuscan lender said it
would offer new shares in the bank at 1 euro each, or a 35.5
percent discount to the theoretical share price accounting for
the dilution of the new shares.