Banca Monte dei Paschi di Siena SpA’s profit in the first quarter beat expectations, giving tailwind to Chief Executive Officer Luigi Lovaglio and his effort to integrate Mediobanca SpA.

Net income, which includes the contribution from Mediobanca, was €521 million ($612 million) in the period, the lender said in a statement Tuesday. That compared with an average analyst estimate of €507 million. Higher than expected income from trading and fees boosted revenue in the quarter.