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Pop Vicenza swings to loss in 2013 after loan writedowns
March 18, 2014 / 5:11 PM / 4 years ago

Pop Vicenza swings to loss in 2013 after loan writedowns

MILAN, March 18 (Reuters) - Banca Popolare di Vicenza, one of 15 Italian lenders being scrutinised by European regulators, swung to a net loss of 28.2 million euros ($39.2 million) last year after writedowns on souring loans doubled, its director general Samuele Sorato said on Tuesday.

In 2012, the bank posted a net profit of 100 million euros.

The unlisted bank, which has already announced plans for a 1 billion euro capital increase, said its Core Tier 1 ratio - a measure of financial strength - stood at 9.21 percent at the end of last year, Sorato told a conference call with analysts.

Bad loan write-offs totalled 432 million euros in the year, twice the 2012 amount of 216 million euros, he said.

Chairman Gianni Zonin also said his bank would present a binding offer for Banca Etruria by the end of the month, while he appeared to dismiss the possibility of an offer for Veneto Banca due to opposition from that lender’s management.

$1 = 0.7188 Euros Reporting by Andrea Mandala, writing by Silvia Aloisi; editing by Agnieszka Flak

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