Italy’s Mps sees negative inflows in first half of 2013 – mid-year report

Banca Monte dei Paschi di Siena (Mps) has seen negative inflows of €380m, against €1,552m in the same period of 2012.

However, the negative result remains worse than predicted by analysts, with Mps registering a net loss of €279.3m in the second quarter of the year, the fifth consecutive negative quarter.

Mps had already closed the first quarter of 2013 with a negative result of about €100m, lower than expected at the time.

The net loss of €380m registered at the end of H1 of 2013 was due to staff loss for an amount of €17.6m.

Net interest income came down of 35.2% Y/Y (-26.8% on a like-for-like basis); while positive contribution came from fees and commissions (+1.4% Y/Y, +2.1% Y/Y on a like-for-like basis), thanks to an improvement in asset management fees (+22.7% Y/Y), the bank’s report also revealed.

Looking at assets under management, H1 of 2013 has ended with volumes of about €43bn, down by 2.3% compared with March 2013 and 3.3% compared with June 2012.

The negative result is attributed by the bank to “the adverse media climate surrounding the highly publicised judicial cases involving the Group,” the report read.

A breakdown of the sector shows:

– An insurance component of approximately €21bn (-3.5% compared with the previous quarter; -7,1% compared with June 2012)

– Mutual investment funds and open-ended collective investment schemes (Sicavs), amount to approximately €16bn, broadly in line with previous quarter levels (-0.4%) and up 2.2% compared with June 2012;

– Individually managed accounts totalling approximately EUR 6 bn (-2.5% from March 2013; -3% from June 2012).

– Assets under administration, come to €62bn, registered a fall of 7.6% compared to March 2013 (-27.1% on the same period of last year).

Italy’s third biggest bank has been challenged by the allegations which are connected with the costly 2007 acquisition of its rival Banca Antonveneta.

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