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Banco Popolare net up on unit writeback, loan loss charges fall
August 27, 2013 / 3:48 PM / 4 years ago

Banco Popolare net up on unit writeback, loan loss charges fall

MILAN, Aug 27 (Reuters) - Italian lender Banco Popolare posted on Tuesday a first-half net profit of 156 million euros, up more than five times compared to a year ago, helped by a writeback on its Agos Ducato unit impairment.

The bank said its net writedowns on bad loans in the second quarter stood at 212 million euros, down 7.7 percent from the first quarter - making it the only lender among Italy’s top five banks that has lowered loan loss provisions in the three months between April and June.

The bank’s Core Tier 1 ratio, a key measure of capital adequacy, stood at 9.5 percent at the end of June when including an extra capital buffer to counter sovereign risk as requested by the European Banking Authority.

The bank had booked an impairment of 400 million euros on Agos Ducato, its consumer credit joint venture with Credit Agricole, in its 2012 accounts, but reduced that writedown by 106 million euros in the second quarter of this year. (Reporting by Silvia Aloisi; editing by Valentina Za)

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