MILAN May 14 Banca Popolare di Milano said on Tuesday its first-quarter net profit fell 10.6 percent to 57.3 million euros ($74.4 million) as net interest income declined amid an economic downturn.
The Milan-based cooperative bank said its Core Tier 1 ratio, a measure of capital adequacy, was 8.37 percent at the end of March, stable compared to end 2012.
While net interest income fell 15.8 percent to 190.8 million euros in the period, net commissions rose 10.6 percent to 131.7 million euros.
Net write dows on credits and other operations rose to 64.1 million euros from 51.6 million euros a year ago, it said. ($1 = 0.7703 euros) (Reporting By Danilo Masoni)