November 12, 2019 / 9:37 AM / a month ago

Italian banks' loans to firms shrink further in September

MILAN, Nov 12 (Reuters) - Italian banks’ loans to businesses shrank further in September, data published by the central bank showed on Tuesday, signalling a weakening in the country’s economy.

The Bank of Italy said loans to non-financial businesses fell 1.0% year-on-year in September, following a 0.7% drop the previous month.

The monthly report on lenders’ balance sheets also showed gross bad loans fell to 85.87 billion euros ($94.63 billion) in September, down from 87.62 billion the previous month.

Net of writedowns bad debts stood at 29.25 billion euros down from 32.33 billion in August.

Italian government bonds held by the country’s lenders were little changed at 402.44 billion euros. ($1 = 0.9074 euros) (Reporting by Sara Rossi; editing by Francesca Landini)

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