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Veneto Banca books €1.5B loss for 2016

Veneto Banca SpA reported a loss of €1.50 billion for 2016, up from €881.9 million a year earlier, after a €1.29 billion write-down on the value of its assets.

The bank's provisions for litigation risk amounted to €434 million.

The coverage ratio for nonperforming loans increased by 7.5 percentage points year over year to 45.2% at the end of 2016, while the bank's core equity Tier 1 ratio stood at 8.1% at year-end.

Veneto Banca was rescued by a state-backed bailout fund and is hoping to merge with another struggling Italian lender, Banca Popolare di Vicenza SpA.