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Creval swings to 9-month profit of €11.4M from year-ago loss

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Creval swings to 9-month profit of €11.4M from year-ago loss

Italian bank Credito Valtellinese SpA reported consolidated profit attributable to owners of the parent of €11.4 million for the first nine months of 2018, compared to a loss of €402.6 million a year ago.

Net interest income for the period fell on a yearly basis to €274.4 million from €294.6 million, while net fee and commission income dropped to €205.8 million from €213.2 million.

Net impairment losses for credit risk on financial assets at amortized cost narrowed on a yearly basis to €10.1 million from €347.8 million. Losses on sale or repurchase of financial assets at amortized cost also narrowed, to €94.7 million from €257.2 million a year earlier.

The bank's net nonperforming exposures amounted to €990 million, down from €2.2 billion at the end of 2017, driven by recent nonperforming loan disposals.

As of Sept. 30, Creval's phased-in common equity Tier 1 ratio stood at 16.8%, compared to 14.0% at the end of June and 10.6% at 2017-end. Excluding €5 billion of government bonds from customer exposures, its gross NPL ratio stood at 11.3% — its lowest level since December 2011 — compared to 21.7% at 2017-end.