Monte dei Paschi di Siena Q2 2026 Earnings Overview
Monte dei Paschi di Siena reported a second‑quarter net profit of €610 million, representing a 20.2% quarter‑on‑quarter increase and a 27.3% rise year‑on‑year. The strong performance lifted first‑half profit above €1.1 billion, up 25.3% YoY.
Net fee and commission income grew 8.4% QoQ and 3.6% YoY, reaching €1.29 billion in the first half, driven by higher intermediation, management and advisory commissions. Net interest income was broadly stable at €2.10 billion, a modest 0.3% increase from €2.09 billion a year earlier.
The first‑half net operating result exceeded €2 billion, up 8.2% YoY, while operating costs fell 0.7% YoY, improving the cost‑to‑income ratio by 2 percentage points to 43%. Total revenue for the first half rose 4.1% to €4.02 billion from €3.87 billion a year earlier, supported primarily by fee income and a 21.3% increase in other income from financial operations.
Capital strength improved, with the fully loaded CET1 ratio climbing to 16.3% as of 30 June 2026, up from 15.9% at 31 March 2026. The bank now holds a capital buffer of roughly 680 basis points above regulatory requirements and a Total Capital Ratio of 18.3%.
Customer loan book expanded 1.8% QoQ and 5.6% YoY, reaching €9.1 billion in the first half, comprising €3.6 billion in mortgage lending and €5.5 billion in consumer credit. Total funding stood at approximately €300 billion, an increase of €10 billion from the first quarter of 2026.
Asset quality remained stable; gross non‑performing exposures were €3.7 billion, with a gross NPE ratio of 2.5% and total NPE coverage of 50.6%. Liquidity metrics showed an unencumbered counterbalancing capacity of €48 billion, a Liquidity Coverage Ratio of 169%, and a Net Stable Funding Ratio of 122%.
The board confirmed that strategic option analysis continues, supported by advisers Keefe, Bruyette & Woods and A Stifel Company, alongside previously appointed advisors. Integration activities related to the Mediobanca acquisition are progressing as planned, with completion expected in the fourth quarter.