Monte dei Paschi di Siena (MPS) said Wednesday that it made a profit of 2,052 billion euros last year, compared to a loss of 205 million in 2022.
As a result, the Tuscan lender said it would issue its first dividend to shareholders in 13 years, two years ahead of the timeframe set out in its plans.
In a statement, the bank said its board proposed a dividend of 0.25 euros per share for a total of 315 million euros.
The share price of the world's oldest bank still in business rose from 6.4% to 3.59 euros in early trading after the results were released.
The State, which had taken a 64.2% stake in MPS in a bailout in 2017, owns 39.23% of the bank after selling 25% in November.
The government has said it will be completely privatized when the market conditions are right.
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