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Liberbank Q1 net profit slips YOY as low rates sap margins

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Liberbank Q1 net profit slips YOY as low rates sap margins

reported first-quarterattributable net profit of €38 million, down from €57 million in the sameperiod of 2015, after low interest rates sapped its margins.

Net interestincome slid 10.2% year over year to €116 million, the bank said in a newsrelease. Net commissions rose €1 million to €48 million.

Netprovisions totaled €102 million, up from no charge in the first quarter of 2015.Net impairment on financial assets also rose, to €70 million from €50 million.

Thebank's nonperforming loans ratio, excluding assets under the asset protectionscheme, stood at 9.6% at the end of March, down 110 basis points from a yearearlier. The bank's phased-in common equity Tier 1 ratio stood at13.1%, the bank said, without providing any comparable data from 2015.