May 8, 2018 / 4:17 PM / a year ago

Italy's BPER selects 6.4 bln soured loan portfolio for possible sale

MILAN, May 8 (Reuters) - Italian lender BPER said on Tuesday it selected a soured loan portfolio with a gross value of 6.4 billion euros and took additional provisions for more than 1.1 billion euros to prepare for a potential sale.

The bank added it had become more ambitious in the reduction of non-performing loans compared to the targets set in November and that it was aiming for a gross NPE (non-performing exposures) target ratio of 11.5 percent in 2020 and below 10 percent in 2021.

One source had told Reuters last month the bank was looking at reducing its gross NPE ratio for 2018 more than previously planned.

In the first quarter of the year the lender posted a net profit of 251 million euros, up from 27.5 million euros in the fourth quarter last year. (Reporting by Francesca Landini, editing by Giulia Segreti)

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