Italian state-owned bank Monte dei Paschi di Siena reported on Monday a 78.6 million euro ($90 million) loss for the fourth quarter, hit by rising bad loans.
The Tuscan bank, which on Monday appointed restructuring expert Luigi Lovaglio as its new chief executive, said insolvencies had increased in the fourth quarter.
In the period, it also valued more accurately debt unlikely to be repaid in full, leading to 222 million euros in loan loss charges.
The bank had swung into profit in the first three quarters of 2021 after losing 1.69 billion euros in 2020.
Fourth-quarter revenue rose 3.2% from the previous three months, with net fees up 3.6% partly thanks to a good performance of its partnership with insurer AXA.
Income from the core lending business rose 3.1% thanks to lower financing costs. RTRS