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Veneto Banca revises 2018, 2020 targets

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Veneto Banca revises 2018, 2020 targets

updated its2016 to 2020 business plan, aiming to post a net profit of approximately €150million in 2018 and about €250 million in 2020, compared to its previous targetof about €160 million and more than €235 million, respectively.

TheItalian bank revised its targeted return on tangible equity downward to 5.1% in2018 and 7.5% in 2020 from 5.5% and 7.7%, respectively. Its targeted cost-to-incomeratio was meanwhile revised upward to 55% in 2018 and 49% in 2020 from 53% and47%.

VenetoBanca now aims to record a post-capital increase common equity Tier 1 ratio of 12.4% in2018 on a fully loaded basis and 14.5% in 2020. Its previous targeted CET1ratios were 13.0% in 2018 and 14.9% in 2020.

Thelender reported a first-quarter loss attributable to the parent company of€34.2 million, compared to a profit of €50.9 million in the same period in 2015.Net interest income dropped year over year to €112.6 million from €132.9million, while net fee and commission income also declined to €53.9 millionfrom €69.4 million.

VenetoBanca CEO Cristiano Carrus said the lender can do without tapping , the Italian government's newlycreated bank stabilization fund, to underwrite its planned amid the current marketconditions, Reuters reported April 28. Carrus said the Banca IMI-led bankingconsortium is enough to underwrite the planned cash call, whose completion waspostponed to the first half of June from the second half of April.