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Popolare Milano's H1 net up on stake sale, loan writedowns rise
August 8, 2014 / 11:53 AM / 3 years ago

Popolare Milano's H1 net up on stake sale, loan writedowns rise

MILAN, Aug 8 (Reuters) - Italian co-operative lender Banca Popolare di Milano (BPM) posted on Friday an 81 percent rise in first-half net profit thanks to a 103 million euro capital gain from the sale of a stake in Italian asset manager Anima Holding.

Net profit stood at 191.5 million euros in the period, up from 105.6 million euros a year earlier, despite a near 3 percent drop in interest and trading income as well as slightly lower fees. Operating profit fell 3.8 percent.

Net writedowns on loans and other operations increased in the second quarter compared to the first one totalling 199 million euros at the end of June from 164 million euros a year earlier. Net loan writedowns were 193 million euros.

BPM said impaired loans had continued to rise in April-June but at a much slower rate than that recorded in the first quarter.

BPM’s best-quality Common Equity Tier 1 ratio stood at 11.2 percent after a 500 million euro share sale and the Bank of Italy’s decision to drop additional risk-weights the regulator had imposed on the bank in 2011 following an audit. (Reporting by Valentina Za; Editing by Lisa Jucca)

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