Rome - Italy's troubled Monte dei Paschi di Siena (MPS) bank said Thursday it had cut its losses by more than 67 per cent year-on-year for the first nine months of 2013.
The lender chalked up a net loss of 518 million euros (697 million dollars) from January to September, compared to a 1.577-million-euro net loss during the same period in 2012.
MPS is Italy's third-largest bank and the world's oldest operating lender, having been founded in 1472.
It ran into trouble after suffering heavy losses from trading in derivatives, for which its previous management is facing criminal charges.
In January, it was forced to seek a 4.1-billion-euro bailout loan from the government.
Last month it adopted a tough restructuring plan, as prescribed by European Union regulators, which have yet to give their final approval.
MPS shares on the Milan stock exchange rose by 2.05 per cent on Thursday.
However, trading ended before its latest financial results were published, meaning that the markets' full response to them would come on Friday. - Sapa-dpa