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Creval Q1 profit fall YOY despite lower impairment charges

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Creval Q1 profit fall YOY despite lower impairment charges

reporteda reclassified consolidated first-quarter net profit of €5.1 million, down from€23.4 million in the first three months of 2015.

Net interestincome for the period fell on a yearly basis to €107.5 million from €117.1million; net fee and commission income declined over the same period to €67.8million from €68.5 million. Net trading and hedging income and profit onsales/repurchases amounted to €7.7 million during the quarter, down from €34.9million a year ago.

Operatingincome saw a year-over-year drop to €187.4 million from €229.2 million.

Crevalbooked net impairment losses on loans and receivables and other financialassets of €48.9 million, down from €67.5 million a year earlier. Net accrualsto provisions for risks and charges were €327 million, compared to nil in thefirst quarter of 2015. Net gains on sales of investments totaled €8 million,compared to net losses of €37 million a year ago.

Asof March 31, net nonperforming loans stood at 17.9% of loans and receivableswith customers, compared to 17.6% at 2015-end. Other net doubtful loans were11.4% at the end of March, compared to 11.3% at Dec. 31, 2015.

Coverageratio of NPLs reached 37.1% at March-end, compared to 40.3% at the end of 2015,while coverage ratio of other doubtful loans was 22.9% at March 31, compared to23.4% at 2015-end.

Asof March-end, the lender's phased-in common equity Tier 1 ratio stood at 13.2%,up from 13.1% at Dec. 31, 2015. The fully loaded common equity Tier 1 ratio was 13.4% atMarch 31.