May 8, 2019 / 12:39 PM / 11 days ago

Italy's Ubi Banca Q1 net profit drops 30 pct, revenues steady

MILANO, May 8 (Reuters) - Italy’s fifth biggest bank UBI Banca posted better than expected revenues and a slightly higher net interest income in the first quarter of the year, it said on Wednesday.

Net profit fell 30 percent from a year ago to 82.2 million euros, compared with an analyst consensus distributed by the bank of 62 million euros.

Net interest income - a measure of how much money a bank makes from its core retail business - was up 1.8 percent from a year earlier, while revenues were roughly steady at 920.6 million euros, compared with a consensus forecast of 895 million euros.

The bank’s common equity tier 1 ratio, a key measure of financial strength, stood at 11.47 percent at the end of March compared with 11.34 percent at the end of 2018.

Reporting by Andrea Mandalà, editing by Silvia Aloisi

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