Banco Popolare CEO sees stable cost of credit in H2
MILAN Aug 27 (Reuters) - Banco Popolare expects a cost of credit of between 90 and 95 basis points in the second half of the year, broadly in line with a level of 92 basis points recorded in the first half, its chief executive said on Tuesday.
"Cost of credit is very volatile," Chief Executive Pier Francesco Saviotti said during a conference call.
"We saw loan writedowns below our budget for two months, then they started rising, and now they are falling again, so there is an uncertainty that does not allow me to be completely tranquil."
Saviotti said he was not in a position to say whether the bank would be able to lower its loan loss provisions.
Banco Popolare said in a statement the cost of credit in the first half was lower than a level of 96 basis points seen in the first three months of 2013. (Reporting by Silvia Aloisi, editing by Valentina Za)
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