Banca Monte dei Paschi di Siena (STU:MPI0)
€ 6.074 0.04 (0.66%) Market Cap: 7.84 Bil Enterprise Value: 2.60 Bil PE Ratio: 2.81 PB Ratio: 0.67 GF Score: 40/100
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Half Year 2024 Banca Monte dei Paschi di Siena SpA Earnings Call Transcript

Aug 06, 2024 / 07:00AM GMT
Release Date Price: €4.61 (+11.54%)
Luigi Lovaglio
Banca Monte dei Paschi di Siena SpA - Chief Executive Officer - General Manager

Good morning, everybody. Welcome to Monte Paschi first half result and business plan presentation. Today, I will first highlight some key achievements after six months of the year and then walk you through our evolving journey that combines technology with a human touch, inspired by a strategy that always revolves around our customers.

So let's start from financial results. Net profit after six months at EUR1.159 billion, of which EUR827 million in Q2 that includes a positive net tax effect of EUR450 million. Solid improvement in the operating performance is visible in gross operating profit that crossed the EUR1.1 billion increasing by 18% compared to last year and supported by EUR555 million profit in the second quarter.

The result was driven by almost double digit growth in revenues year-on-year and effective cost management that enabled us to practically absorb the impact of labor contract renewal. Cost income ratio has further improved to 46% versus 49% in first half '23.

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