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Financials

Italy's Carige says it could miss FY target after H1 loss

MILANO, Aug 5 (Reuters) - Italy’s Carige said on Thursday it may not be able to meet its goal for the full-year after posting a 49.9 million euro ($59 million) net loss in the first half.

The bailed-out regional lender, which is struggling to find a buyer, warned in July it would need a further 400 million euros ($474 million) in capital next year.

Genoa-based Carige was rescued by other banks in 2019 at a cost of 700 million euros after being placed under special administration by the European Central Bank (ECB). Last week it emerged as one of the worst performers in the ECB’s health check of second-tier euro zone lenders.

Carige confirmed its goal of returning to a profit in 2023 after revenues rose by 9% in the second quarter versus the previous one. ($1 = 0.8437 euros) (Reporting by Andrea Mandalà; editing by Valentina Za)

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