Banca Monte dei Paschi di Siena closed the first quarter with double-digit growth results and in line with the strategic trajectory outlined in the 2026-2030 Industrial Plan, compared with the pro-forma results which include the contribution of the Mediobanca Group, with which the post-OPS integration process continues.
The results of the 1st quarter
The Sienese bank closed the quarter with a net profit of 521 million euros and a pre-tax result of 911 million, up 15.6% quarter on quarter and 6.7% on an annual basis compared to the pro forma data including the
Overall revenues stood at 1,960 million euros, up 2.9% year-on-year (on a pro forma basis) and 3% compared to the previous quarter. Growth was driven by both interest margin (+1.9% q/q, to 1,036 million) and net commissions (+2.8% q/q, to 618 million), with an acceleration of 7.6% quarterly in the wealth management and advisory component.
Excluding the Mediobanca perimeter (925 million in revenues), the same aggregates amount to 1,034 million, up 2.7% compared to the same period in 2025.
Operating expenses stood at 859 million euros, down 3.1% compared to the previous quarter. Personnel expenses amount to 542 million, while other administrative expenses stop at 249 million. The cost/income ratio decreased to 44%, a decrease of 3 percentage points compared to the previous quarter. Net operating profit rose to 947 million euros (+9.5% q/t +3.4% y/y pro forma).
On the capital front, the Common Equity Tier 1 Ratio stood at 15.9% (from 16.2% at the end of 2025), with a buffer compared to regulatory requirements of approximately 650 basis points, taking into account the introduction of the O-SII buffer of 0.50% from 1 April 2026. The Total Capital Ratio is equal to 17.9%. The coefficients are calculated net of dividends accrued in the quarter on the basis of a payout ratio of up to 100% of net profit.
The trend of collection and financing
The Group’s overall funding amounted to 360.6 billion euros, substantially stable compared to the end of 2025. Total commercial funding reached 290.5 billion (+16.7 billion compared to March 2025 pro forma), with gross wealth management flows growing by 10% quarter on quarter.
Customer loans amounted to 146.3 billion (+3.5 billion compared to December 2025), supported by the growth of mortgages (+1.8 billion) and repurchase agreements (+1.8 billion). Gross performing loans amounted to 129 billion (+1.0% q/t +5.2% y/y pro forma). In the quarter the Group disbursed 1.7 billion in mortgage loans to families and 2.7 billion in consumer credit.
The liquidity position highlights an uncommitted counterbalancing capacity of 48.9 billion euros, with LCR at 157% and NSFR at 121%. The net equity of the Group and attributable to third parties rose to 30.7 billion, from 30.2 billion at the end of 2025, mainly due to the profit for the quarter.
Integration process with Mediobanca progresses
MPS has confirmed that the integration process with Mediobanca is continuing, to complete the reorganization of the Group’s five business areas and accelerate the creation of value for all stakeholders.
“We enter the next phase with fully consolidated governance, aligned priorities and a strong results orientation,” said CEO Luigi Lovaglio during the conference call with analysts, adding that the newly appointed Board of Directors “guarantees the continuity of leadership, while strengthening the skills and operational capabilities of each individual”.
