Banca Monte Paschi di Sienatoday presented the results for the first nine months of the year, which already include, at balance sheet levels, the effects of the acquisition of Mediobancaacquired following the success of the tender offer in September, while the consolidated income statement will include the contribution of Piazzetta Cuccia only starting from 1 October 2025. MPS also announced the presentation of the new Group industrial plan in the first quarter of 2026.
Results of the quarter
The bank closes the third quarter of 2025 with a gross profit of 431 million euros, compared to 460 million in the previous year and with a profit for the period attributable to the Parent Company of 474 million euros which compares with the 479 million euros of the previous quarter.
Revenues for the third quarter of 2025, equal to 1,000 million euros, are impacted by the typical seasonality of the third quarter (-4.5% compared to the previous quarter), especially on the components of other revenues from financial management (-17 million euros) and on net commissions (-22 million euros). The trend in the interest margin recorded in the third quarter of 2025 (-1.3% compared to the previous quarter) is essentially attributable to the impact of the new issues carried out during the previous quarter.
The gross operating result for the third quarter is equal to 532 million euros, compared to the result of 576 million euros in the previous quarter, while the net operating result is equal to 453 million euros compared to the result of 488 million euros in the previous quarter.
9 month profit up to 1.3 billion
The first nine months of the year showed a profit for the period before taxes of 1,288 million euros, up by 17.5% compared to the figure of 1,096 million euros recorded in the corresponding period of 2024. The profit for the period pertaining to the Parent Company, however, amounted to 1,366 million euros as at 30 September 2025, compared to the profit of 1,566 million euros achieved at 30 September 2024, which included positive taxes of 470 million euros
Overall revenues for the nine months amounted to 3,054 million euros, substantially stable compared to the same period of the previous year (+0.5%). The growth in net commissions (+8.5% to 1,185 million euros) and that of other financial management revenues (+35%) fully compensated for the slowdown in the interest margin (-7.4% to 1,638 million euros). The positive trend in commissions was recorded both in the management/brokerage and consultancy activities (+12.8%, equal to +68.5 million euros) and in the commercial banking activity (+4.4%, equal to +24.6 million euros).
As of 30 September 2025, operating expenses amounted to 1,411 million euros, up compared to 30 September 2024 (+1.4%, equal to 18.9 million euros), mainly due to the effects of the renewal of the national collective labor agreement for banks on personnel expenses. The Group’s gross operating result is therefore equal to 1,643 million euros, stable compared to the figure of 1,645 million euros as of 30 September 2024, while the net operating result stood at 1,389 million euros, up compared to the result of 1,339 million euros recorded as of 30 September 2024.
Collection growing to 357.6 billion
At a balance sheet level, the Group’s overall collection volumes as of 30 September 2025 were equal to 357.6 billion euros; excluding the contribution of the Mediobanca Group, the aggregate amounts to 204.4 billion euros, with an increase on a like-for-like basis of 4 billion euros compared to 30 June 2025, thanks to the growth of both direct funding (+2.3 billion euros to 165.2 billion euros) and indirect funding (+1.7 billion euros to 192.4 billion euros).
As of 30 September 2025, the Group’s customer loans amounted to 140.7 billion euros; excluding the contribution of the Mediobanca Group, they stood at 80.7 billion euros, substantially stable compared to 30 June 2025 (+0.2 billion euros). The Group’s total impaired customer loans as of 30 September 2025 amounted to €4.4 billion. As of 30 September 2025, the coverage percentage of impaired loans (on a like-for-like basis, excluding the contribution of the Mediobanca Group) stood at 48.5%.
As regards the capital ratios, at 30 September 2025 the fully loaded CET1 capital ratio stood at 16.9% (compared to 19.6% at 30 June 2025 and 18.2% at 31 December 2024), and the fully loaded total capital ratio was 19.3% (compared to 21.8% at 30 June 2025 and at 20.5% on 31 December 2024). These values do not include profits for the period, assuming the dividend pay-out up to 100% of the MPS Group’s net profit.
