Monte dei Paschi di Siena (MPS) closed the first half of 2026 with a net profit of more than 1.1 billion euros, up 25.3 percent from the same period of 2025. In the second quarter alone, net profit reached 610 million euros, up 27.3 percent year on year.
Group revenues stood at approximately 4 billion euros in the half. In the second quarter they reached 2.065 billion euros, up 5.4 percent from the first three months of the year, supported by fees, which rose 8.4 percent in the quarter, and by a 2.5 percent increase in net interest income. Customer financial assets reached about 300 billion euros; performing loans grew 5.6 percent year on year and costs fell 0.7 percent.
The Cet1 ratio, the main indicator of a bank's ability to absorb potential losses, rose to 16.3 percent from 15.9 percent at the end of March, a level above regulatory requirements.
The half-year figures already include the contribution of Mediobanca, which entered the group's scope after last year's operation: in the second quarter it added 925 million euros to revenues and 456 million euros to the net operating result. The two banks approved in March the merger by incorporation of Mediobanca into MPS, with an exchange ratio of 2.450 MPS shares for each Mediobanca share; according to the bank, the integration is proceeding as planned and is expected to be completed in the fourth quarter of 2026.
Under the industrial plan presented in February, the group targets an adjusted net profit of 3.3 billion euros in 2028 and 3.7 billion euros in 2030, with synergies of around 700 million euros at full run-rate. The plan also provides for total shareholder distributions of approximately 16 billion euros between 2026 and 2030.
"The commercial performance is proving exceptionally solid," said chief executive officer Luigi Lovaglio as he presented the results, underlining the value of the trust the bank has built with families, businesses and local communities.
The results land while MPS is at the centre of a takeover contest. On 8 June, Intesa Sanpaolo, led by Carlo Messina, announced a public exchange offer that values Monte dei Paschi at 30.6 billion euros overall: for every ten MPS shares, shareholders would receive sixteen Intesa Sanpaolo shares plus one euro in cash per MPS share. The offer is conditional on reaching at least 66.67 percent of MPS's capital, a threshold Intesa has reserved the right to lower. Intesa says the combined group would rank among Europe's largest banking groups, with more than 27 million clients and about 2 trillion euros in customer financial assets by 2029.
MPS's board, however, has reaffirmed the critical assessment it formulated in July: according to Lovaglio, the offer does not fully recognise, for MPS shareholders, the value of control, of the potential synergies and of the bank's franchise.
Before the Intesa bid, on 7 June Banco BPM had proposed starting talks on a possible agreed merger of equals that would also have integrated Mediobanca. On 31 July, Banco BPM told the market that the discussions had ended without an agreement. MPS, for its part, said it continues, with the support of its advisors, the "analysis of strategic options" aimed at maximising long-term value for shareholders and other stakeholders.
All figures and statements in this article are as reported by Forbes Italia, which cited the bank's half-year results release.
Sources
- Forbes Italia — "Mps cresce con Mediobanca: 1,1 miliardi di utile. Ora il nodo è Intesa Sanpaolo": https://forbes.it/2026/08/07/mps-cresce-con-mediobanca-11-miliardi-di-utile-ora-il-nodo-e-intesa-sanpaolo/
