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Banco BPI posts YOY rise in FY'16 net income

Banco BPI SA reported a net income of €313.2 million for full year 2016, up 32.5% from the €236.4 million earned a year ago.

Basic EPS for the year was 21.6 cents, compared to 16.3 cents in 2015.

The lender's domestic activity generated net income of €147.0 million, up from the year-ago €93.1 million. Net profit for international activity also increased to €166.3 million from €143.3 million.

Net commission income fell on a yearly basis to €259.4 million from €324.7 million, while net income on financial operations also dropped to €48.9 million from €194.6 million.

Net impairment losses and provisions for loans and guarantees amounted to €33.0 million, down from €137.0 million a year ago. Net impairment losses and other provisions was €36.5 million, compared to the year-ago €19.5 million.

ROE reached 13.4%, compared to 10.4% in 2015.

Banco BPI's phasing-in CRD IV/CRR common equity Tier 1 ratio was 11.4% at the end of 2016, compared to 10.9% at 2015-end. On a fully implemented basis, the CRD IV/CRR CET1 ratio stood at 11.1% at the end of 2016, compared to 9.8% at 2015-end. The bank noted that, in order for it to meet a total ratio of 12% in 2017, a subordinated debt issue of up to €250 million will be required.

As of Dec. 31, 2016, the bank's leverage ratio was 7.6% on a phasing-in basis and 7.4% on a fully implemented basis, compared to 6.9% and 6.4%, respectively, at the end of 2015.

The bank said the recent sale of its 2% stake in Banco de Fomento Angola SA will be accounted for in the first quarter of 2017.