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UBI Banca Q1 profit rises to €117.7M

Unione di Banche Italiane SpA reported first-quarter profit attributable to the shareholders of the parent under IFRS 9 of €117.7 million, compared to a profit of €67.0 million in the fourth quarter of 2017.

Under IAS 39 accounting standards, UBI reported a fourth-quarter 2017 loss of €11.9 million.

Net interest income during the first quarter came in at €455.5 million, compared to €347.2 million in the previous quarter. Net fee and commission income rose over the period to €407.7 million from €350.9 million, while net trading income declined to €12.3 million from €24.0 million.

Net impairment losses for credit risk reached €124.1 million, down from €173.7 million on a quarterly basis. Operating expenses rose to €594.0 million from €486.3 million.

The Italian bank's net nonperforming loans ratio stood at 8.06% as of March 31, compared to 8.19% as of Jan. 1.

The fully loaded common equity Tier 1 ratio stood at 11.64% as of March 31, compared to 11.43% as of Dec. 31, 2017. The bank's fully loaded leverage ratio stood at 5.29%.