MILAN, May 8 (Reuters) - Italy’s third largest lender, Banco Bpm, reported a halving of loan-loss provisions for the first quarter on Wednesday, but a slide in revenues dragged down profits.
The bank said bad loans would account for 9.9 percent of its total loan book after the sale of 650 million euros worth of soured debt. Without that sale, the ratio would be 10.4 percent.
Net profit for the March quarter fell 32.6 percent to 150.5 million euros from a year earlier, weighed down by the lower revenues. Loan-loss provisions tumbled 53 percent.
Total revenue fell 8.9 percent and net interest income — a measure of how much money a bank makes from its core retail business — dropped 15.1 percent from a year earlier.
Core capital pro-forma stood at 11.82 percent at end-March, compared with 10 percent at the end of 2018. (Reporting by Andrea Mandala, editing by Silvia Aloisi Editing by Mark Bendeich)