Market forecasters had expected a loss of around two billion euros, according to a consensus of analysts compiled by Factset Estimates.
As of December 31, BMPS had only seven billion euros in liquidities, a decline of 17 billion euros compared with a year earlier, the bank added.
Founded in Siena in 1472, BMPS -- Monte dei Paschi di Siena -- is due to be temporarily taken over by the state after years of problems.
Income in 2016 fell back 18.4 percent to 4.25 billion euros, against 4.4 billion expected by analysts.
For 2015, BMPS recorded a profit of 390 million euros, its first in five years.
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