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Pop Milano swings to H1 profit, to revise business plan
August 27, 2013 / 5:02 PM / 4 years ago

Pop Milano swings to H1 profit, to revise business plan

MILAN, Aug 27 (Reuters) - Banca Popolare di Milano posted a first-half net profit of 105.6 million euros on Tuesday, helped by higher fees and trading gains, and said it would revise its business plan by October and then set the timing of a planned capital increase.

The bank said in a statement the revision of the 2012-2015 plan, which would include changes to its governance structure, was motivated by the reimbursement of state aid and by indications it received from the Bank of Italy after an inspection.

Popolare Milano said it would address the issues raised by Italy’s central bank in an answer to the regulator by Sept. 23.

The bank had a net loss of 131 million euros ($175.5 million) in the first-half of 2012.

Popolare Milan said net writedowns stood at 164 million euros in the first half, up from 134 million euros a year ago. ($1 = 0.7466 euros) (Reporting by Valentina Za)

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