banca monte dei paschi di siena shares ticked upward in early trading friday after the italian bank reported an increase in halfyear earnings and provided an outlook for the year that guided for more than 21 billion euros 230 billion of net interest income at 0748 gmt shares traded 31 higher to eur254 losing some ground after having traded more than 6 higher earlier in the session the italian bank in addition to net interest income guided for more than eur13 billion in fees less than eur185 billion in costs a cet 1 ratio of 165 and a pretax profit in excess of eur1 billion for 2023 the italian bank said that it made eur619 million in net profit for the first six months of the year compared with eur531 million a year ago on total revenue that grew 19 to eur185 billion banca monte dei paschi saw a significant 64 increase in net interest income in the reporting period driven by higher interest income on loans the result of higher interest rates the bank said the result driven by net interest income and lower costs and provisions was better than was expected citi analysts azzurra guelfi and guru prasad chowdhary said in a research note adding the banks net interest income outlook was ahead of consensus its 2023 cost of risk guidance of around 55 basis points compared with consensus of around 64 basis points results in better overall profitability the analyst said