Italy's Pop Emilia turns to profit in 2013

MILAN, March 5 Wed Mar 5, 2014 1:31pm EST

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MILAN, March 5 (Reuters) - Italian mid-size lender Banca Popolare dell'Emilia Romagna said on Wednesday it had posted a net profit last year of 16.1 million euros from a net loss the previous year of 32.6 million euros.

In a statement the bank said its Core Tier 1 ratio under Basel 2 standardised approach was 8.57 percent at the end of the year from 8.43 percent end September.

Write downs on loans and other activity in the period amounted to 876.5 million euros, it said.

Pop Emilia said in February it had slashed its target for 2014 net income to take into account a worsened economic scenario. (Reporting by Stephen Jewkes)

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