MILAN (Reuters – Monte dei Paschi di Siena reported Friday a profit of 9.7 millions euros ($10,000,000) in its first quarter. The bank’s new chief executive Luigi Lovaglio will present a plan to the Italian state-owned bank, which he said would be presented on June 23.

Comparable to a loss of 78.6 millions euros in the last quarter, and an increase in profit at 119.3million euro in the same time period in 2021, the first quarter results are quite different.

Lovaglio is a former UniCredit executive and currently revises a previously submitted strategic plan Monte dei Paschi to European authorities last December to reflect their feedback as well as the changing macroeconomic environment.

Monte dei Paschi stated that the amount of capital needed to raise funds for the time was still at 2.5 billion Euros ($2.6 billion).

As a result of the increased trading income and the sale securities, revenues were 8.7% higher than the prior quarter.

This was half the sum it set aside for loan losses, which represents half the figure from the prior quarter when the bank tightened the criteria that were used to evaluate impaired loans.

($1 = 0.9504 euros)