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Italian lender Credem reports YOY rise in Q2 interest, noninterest margins

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Italian lender Credem reports YOY rise in Q2 interest, noninterest margins

Credito Emiliano SpA reported second-quarter profit after minorities of €52.3 million, up from €23.8 million a year ago.

The interest margin was €118.1 million, up from €111.1 million in the second quarter of 2016, while the noninterest margin also increased year over year to €178.4 million from €146.8 million.

The charge for net adjustments to loans and other financial transactions in the second quarter dropped to €18.2 million from €21.1 million, while provisions for risks and charges narrowed to €2.1 million from €4.3 million.

Credem reported first-half profit attributable to the parent company of €101.3 million, up from €70.4 million a year ago. EPS increased to 31 cents from 21 cents.

The net bad loans ratio as of June 30 stood at 1.44%, compared to 1.63% a year ago. The coverage ratio stood at 60.6% at June-end, compared to 59.6% at the end of 2016 and 61.6% a year ago.

The phased-in common equity Tier 1 ratio stood at 13.02% as of June 30, compared to a 6.75% minimum requirement set by the ECB for 2017. The fully phased ratio was 12.48% at the end of June.