MILAN May 8 Mid-sized Italian lender Credito Emiliano posted on Thursday a net profit of 57 million euros for the first quarter, up by more than a third from a year earlier, boosted by higher interest income and net fees.
The bank also put aside less money to cover potential loan losses. Loan writedowns totalled 13.5 million euros in the quarter, down by nearly a third compared to the same period of 2013.
Credem, one of 15 Italian banks being scrutinised by the European Central Bank in a review of the sector across the euro zone, said its best-quality Common Equity Tier 1 capital stood at 11.5 percent of risk-weighted assets at the end of March.
(Reporting by Valentina Za; editing by Francesca Landini)