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Credem's CET1 ratio increases above ECB's 2018 minimum capital requirements

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Credem's CET1 ratio increases above ECB's 2018 minimum capital requirements

Credito Emiliano SpA said March 2 that its common equity Tier 1 ratio increased to 13.69% from 13.32%, more than 6 percentage points above the ECB's 2018 minimum regulatory requirement of 7.375%, after the regulator authorized it to not deduct its 100% stake in Credemvita SpA from the calculation of its capital ratios.

Credem received the authorization from the ECB on March 1.

The Italian lender added that its Tier 1 capital ratio rose to 13.76% from 13.36% and total capital ratio to 15.57% from 14.99%. All the ratios are on a phased-in basis.

Credem reported profit attributable to the parent company of €186.5 million for full-year 2017, up from €131.9 million a year earlier.