MPS Posts 1.95 Billion Euro Profit in 2024

Siena: Monte dei Paschi di Siena (MPS) closed 2024 with a net profit of 1.95 billion euros, down by 4.9% compared to the 2.05 billion euros recorded in 2023, according to a statement issued on Thursday.

According to Ansa News Agency, net profit in 2023 had been boosted by a release in funds set aside for legal risks, which were worth almost 471 million euros. MPS mentioned in a note on its 2024 results that it was prepared to embark on an industrial development process through an innovative business combination with Mediobanca, aiming to create a new national champion that would benefit all stakeholders. This initiative is supported by a competitive commercial network, excellent productivity, and solid asset strength.

Last month, MPS announced a 13.3 billion euro buyout bid for Mediobanca. However, the board of Mediobanca later rejected the takeover bid launched by the domestic rival, stating it was strongly destructive of value and contrary to Mediobanca’s interests.