9M2009 results approved

Siena – Yesterday the Board of Directors of Banca Monte dei Paschi di Siena Spa approved the 2009 nine-month results of the Montepaschi Group.

In spite of the difficult scenario, the Montepaschi Group achieved significant results in the first nine months of 2009, both in economic terms (net income exceeding EUR 400 mln; in excess of EUR 500 mln excluding PPA) and in terms of commercial performance (direct funding 9,4% YoY). In a context of extreme volatility, it should be noted that 98% of our revenues are recurring, i.e. associated to the bank's core business.

It was indeed in the third quarter (despite the impact of summer seasonality) that an acceleration of commercial volumes and business penetration was recorded. In particular, the bank’s market position has improved in lending (7.89% market share, 35 bps vs June 2009) and direct funding (approx. 7.16% m.s,; 17 bps compared to June 2009). Although still against a background of macroeconomic uncertainty, the good quarter performance was positively affected by the well-advanced process of Group restructuring (BT and BAV mergers into BMPS) which had seen the commitment not only of the Distribution Networks but also of the Parent Company over the previous months, with a view to completing an in-depth and permeating simplification of the governance models.

With regard to the development of total revenues from banking and insurance services, they stood at EUR 4,340.5 mln at 30 September 2009 (as against 4,570.8 mln at 30 September 2008 on a like-for-like basis). More specifically, basic income totalled approx. EUR 4,176 mln (vs/. approx. EUR 4,477.5 mln at 30 September 2008 on a like-for-like basis).