Monte dei Paschi di Siena reported above-forecast second-quarter results, with net income of 383 million euros ($420 million), exceeding the bank’s 217 million euro consensus projection.

Net interest income nearly doubled, and revenues rose 11% to 972 million euros.

Net fees increased, and MPS reduced costs despite inflation.

CEO Luigi Lovaglio is cutting employees and costs to prepare for the sale of the state’s 64% ownership in MPS.