May 8, 2020 / 12:34 PM / 19 days ago

BRIEF-UBI Banca Q1 Net Profit At EUR 93.6 Mln

May 8 (Reuters) - Unione di Banche Italiane SpA:

* Q1 NET PROFIT EUR 93.6 MILLION VERSUS EUR 56 MILLION IN CONSENSUS COMPILED BY BANK

* Q1 FEES EUR 420.5 MILLION VERSUS EUR 401 MILLION IN CONSENSUS COMPILED BY BANK

* Q1 OPERATING INCOME EUR 913.6 MILLION VERSUS EUR 848 MILLION IN CONSENSUS COMPILED BY BANK

* Q1 LOAN WRITEDOWNS EUR 157.1 MILLION VERSUS EUR 156 MILLION IN CONSENSUS COMPILED BY BANK

* FULLY-LOADED CET1 RATIO AT END-MARCH AT 12.86% FROM 12.29% AT END-DEC

* GROSS NON-PERFORMING EXPOSURE RATIO AT END-MARCH 7.5% VERSUS 7.8% AT END-DEC

* GROSS NPE RATIO AT END-MARCH 6.7% PRO FORMA INCLUDING 800-MILLION-EURO DISPOSAL IN PROGRESS

* COVERAGE OF NON-PERFORMING LOANS AT END-MARCH 39,56% VERSUS 39.00% AT END-DEC

* WEAKER PERFORMANCE BY FEE AND COMMISSION COMPONENT RELATING TO TRANSACTIONS FOLLOWING SLOWDOWN IN THE ECONOMY IS EXPECTED

* MEASURES TAKEN BY DOMESTIC AND INTERNATIONAL AUTHORITIES TO MITIGATE COVID-19 IMPACT, SHOULD ALLOW BANK TO PRESERVE ITS LEVEL OF NET INTEREST INCOME

* FEE AND COMMISSION COMPONENT RELATING TO ASSETS UNDER MANAGEMENT WILL BE AFFECTED BY CRISIS IN H1, BUT WILL DEPEND ON MARKET PERFORMANCE IN Q2

* GROUP’S SOLID LIQUIDITY AND ITS ASSET QUALITY ENABLES IT TO FACE CRISIS WITH REASONABLE LEVEL OF CONFIDENCE

* GROUP’S CAPITAL POSITION, SOLID LIQUIDITY AND ITS ASSET ALSO ENABLE IT TO GENERATE PROFITS ON CONTINUING BASIS TO BENEFIT OF ALL STAKEHOLDERS

* AS AT MAY 7, LOANS WHICH HAVE OBTAINED GUARANTEE AND ARE READY FOR DISBURSEMENT AMOUNT TO 40% OF SYSTEM TOTAL

* AGREEMENT SIGNED TO GRANT LOANS WITH SACE (ITALIAN STATE EXPORT CREDIT AGENCY) GUARANTEES

* DEFAULT RATE IS EXPECTED TO REMAIN LOW IN 2020 (REMOVES REPEATED WORDS)

* AVERAGE COVERAGE FOR SECTORS HIT HARDEST AS A WHOLE BY COVID-19 IS APPROXIMATELY 35%

* HAS BEEN RECOGNISED AS THE FASTEST TO PROCESS APPLICATIONS FOR LOANS UNDER MORATORIUM OF UP TO EUR 25,000 Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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