Italy's third-largest bank Monte dei Paschi di Siena (MPS) said Tuesday that it made a better-than-expected net profit of 521 million euros in the first quarter of 2026.
    That is up from 413 million in the first quarter of 2025, when MPS had not completed its takeover of Mediobanca, but lower than 692 million achieved if one simulates the merchant bank's inclusion in the group.
    A year ago, however, the results were boosted by ⁠by tax benefits.
    "The message is simple: the uncertainty is behind us," MPS CEO Luigi Lovaglio, who was ousted by the bank's former board earlier this year but reinstated by shareholders last month, told a conference call.
    "The focus is now on strategic execution, with the merger with Mediobanca remaining central.
    "After a strong quarter, MPS enters the next phase with fully consolidated governance, aligned priorities, and a strong focus on achieving our objectives".

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