MILAN, March 4 Credito Valtellinese, one of 15
Italian lenders being scrutinised by the European Central Bank,
said on Tuesday it had returned to profit in 2013 despite a
nearly 30 percent rise in problematic loans.
Net profit came in at 11.7 million euros ($16 million)
compared with a loss of 322 million euros in 2012. Net impaired
debts stood at 2.7 billion euros, compared with 2.1 billion
euros a year earlier.
The bank said it would propose scrapping a dividend for the
second consecutive year to an annual shareholder meeting
scheduled for April 12.
It said its core tier 1 ratio, a measure of financial
strength, stood at 8.6 percent, up from 8.2 percent at the end
of September and compared with an 8 percent minimum requirement
set by the ECB. Analysts have said the bank may need to join a
growing list of Italian lenders planning to raise cash on the
market to boost their capital. ($1 = 0.7260 euros)
(Reporting by Silvia Aloisi, editing by Valentina Za)