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Italy's Monte dei Paschi posts 3.38 bln euro net loss in 2016
February 9, 2017 / 7:09 PM / 8 months ago

Italy's Monte dei Paschi posts 3.38 bln euro net loss in 2016

MILAN, Feb 9 (Reuters) - Italian bank Monte dei Paschi di Siena, which is being bailed out by the government, booked a net loss of 3.38 billion euros for 2016 after setting aside more money to cover for bad loans.

Its CET 1 ratio, a key measure of financial strength, stood at a lowly 8 percent at the end of December.

The Rome government has had to step in to rescue Monte dei Paschi after the bank failed to raise money from private investors in December. (Reporting by Silvia Aloisi; editing by Francesca Landini)

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