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Popolare di Milano reports YOY drop in Q1 profit

Banca Popolaredi Milano Scarl posted first-quarter net profit of €48.3 million,down from €67.6 million in the year-ago period.

Net interest income increased on a yearly basis to €206.5 millionfrom €196.1 million, while net fees and commission income rose to €151.3million from €148.3 million. Net income from financial activities declined to€13.5 million from €58.4 million, as high market volatility led to a net lossof €1.1 million on financial assets held for trading, compared to a year-agogain of €33.5 million.

First-quarter net adjustments to loans and other operationsstood at €66.1 million, down from €74.3 million in the year-ago period.

The bank's coverage rate for nonperforming loans stood at54.3% as of March 31, compared to 54.5% at the end of December 2015.

At March-end, the common equity Tier 1 ratio stood at11.64%, while its fully phased-in CET1 ratio under Basel III stood at 12.32%.