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Italy's Credem posts YOY rise in Q2 profit

Credito Emiliano SpA reported second-quarter reclassified consolidated profit of €56.6 million, up from €40.4 million a year earlier.

Net interest income totaled €128.7 million, up from €120.4 million in the year-ago quarter. Noninterest margin also increased year over year, to €171.1 million from €153.6 million.

Provisions for risks and charges amounted to €5.5 million, compared to provision releases of €3.1 million in the previous year. The charge for net adjustments to loans and other financial transactions rose to €12.2 million from the year-ago €8.8 million.

For the first half, Credem's profit attributable to the parent company increased on a yearly basis to €101.5 million from €95.0 million. EPS for the period was 31 cents, compared to the year-ago 29 cents.

The net bad loans ratio as of June 30 stood at 0.88%, compared to 1.12% a year ago. Nonperforming loans coverage was 52.3% at the end of June, compared to 49.5% a year earlier. Gross NPL ratio was 4.35%, compared to 5.13% in the first half of 2018.

As of June 30, the Italian lender's common equity Tier 1 ratio stood at 13.3%, which the bank said was 530 basis points above the ECB's 2019 minimum regulatory requirement of 8%.