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Credem Q1 profit rises 11.4% YOY

Credito Emiliano SpA reported first-quarter profit attributable to the parent company of €54.6 million, up 11.4% from €49.0 million a year ago, despite the contribution of €10.9 million, gross of fiscal effect, to national and European rescue funds.

The interest margin declined year over year to €120.0 million from €133.9 million, while net commissions increased to €132.8 million from €123.5 million.

First-quarter net provisions for risks and charges widened to €5.2 million from €500,000 in the year-ago period.

Credem's net bad loans ratio stood at 1.15% as of March 31, compared to 1.48% in the same period in 2017. The bad loans coverage ratio was 66.2%, up from 60.3% a year ago.

The bank's common equity Tier 1 ratio stood at 13.63% at the end of March, more than 6 percentage points above the ECB's 2018 Supervisory Review and Evaluation Process requirement of 7.375%. The total capital ratio was 15.85% as of March 31.