Italy's UBI Q2 net profit up 81 pct

MILAN Fri Aug 8, 2014 5:46am EDT

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MILAN Aug 8 (Reuters) - Italy's fifth biggest bank UBI posted an 81 percent rise in its second-quarter net profit thanks to higher interest income and lower costs.

Net profit came in at 48.1 million euros ($64 million) compared with 26.5 million euros a year earlier.

The bank said its provisions for bad loans had grown in the first half of the year to 429.1 million euros from 384 million euros in the same period of 2013, but were broadly stable in the second quarter.

The bank further boosted its financial strength, with its Common Equity tier 1 ratio estimated at 11.7 percent at the end of June from 11.2 percent at end March.

In a statement, the bank also said it planned to bid in December for 3 billion euros of new longer-term loans the European Central Bank is set to provide.

(1 US dollar = 0.7466 euro) (Reporting by Silvia Aloisi, editing by Valentina Za)

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