August 28, 2012 / 4:40 PM / 5 years ago

Banco Popolare H1 net profit 29 million euros

MILAN, Aug 28 (Reuters) - Italy’s fourth biggest bank, Banco Popolare said Tuesday its net profit after losses from its so-called fair value option, or issues related to debt revaluation, was 28.9 million euros.

Not including a loss due to the fair value option of 142 million euros, its net profit was 171 million euros, compared to a net profit of 189.6 million euros in the first half a year ago.

The lender said its Core Tier 1 ratio, a key measure of financial strength, stood at 10.2 percent at end-June compared with 7.1 percent at the end of December.

The bank said the ratio was boosted after the Bank of Italy allowed it to use its own internal risk models and thus meet tougher capital requirements set by the European Banking Authority.

Reporting by Jennifer Clark

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