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Banca Carige Q1 loss narrows YOY despite bank fund contribution

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Banca Carige Q1 loss narrows YOY despite bank fund contribution

reported afirst-quarter net loss attributable to the parent company of €41.0 million,compared to a restated net loss of €45.5 million a year ago.

Thebank noted that its first-quarter results took into account the €9.2 million incontributions paid to the Italian national resolution fund.

Netinterest income amounted to €83.9 million, down from €88.4 million in the firstquarter of 2015. Net fee and commission income also fell over the same period,to €60.5 million from €61.7 million. Net loss on trading reached €4.8 million,compared to a net profit of €4.5 million a year ago.

Thebank reported net losses on impairment of loans of €92.4 million, up from €78.5million in the first quarter of 2015. Net provisions for risks and chargesincreased on a yearly basis to €621,000 from €118,000.

Thebank's phased-in common equity Tier 1 ratio stood at 12.3% as of March 31, up10 basis points from the ratio at the end of 2015. The leverage ratio stood at8.1% and the liquidity coverage ratio at 129% at March-end.

BancaCarige added that it received from the ECB a new request that the lender submit to the centralbank the guidelines of its business plan and medium-term plan by May 31 and thefull details of the plans by June 30.