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Creval posts H1 loss as net impairment losses more than double YOY

Credito Valtellinese SpA reported a first-half loss after noncontrolling interests of €194.8 million, compared to a profit of €19.1 million in the same period in 2016.

Net interest income amounted to €198.8 million, down from €211.1 million a year earlier, while net fee and commission income rose on a yearly basis to €142.3 million from €136.3 million.

Creval's net trading and hedging income and profit on sales/repurchases dropped on a yearly basis to €10.8 million from €35.7 million. The item included losses of €13 million for the sale of nonperforming loans concluded in the period, excluding the securitization of a €1.4 billion NPL portfolio through its transfer to special purpose vehicle Elrond NPL 2017 Srl.

Net impairment losses on loans and receivables and other financial assets totaled €369.0 million in the period, up from €151.8 million a year earlier. Of the total, €31 million consisted of the write-down of Fondo Atlante and €229 million was attributable to the Elrond operation.

First-half net gains on sales of investments and valuation differences on property and equipment at fair value increased year over year to €68.8 million from €26.3 million.

Net nonperforming loans stood at 14.1% of loans and receivables with customers as of June 30, compared to 18.1% at 2016-end. The coverage ratio of total nonperforming exposures reached 41.0% at June-end, compared to 41.5% at the end of 2016. Including write-offs, the ratio was 43% at June-end.

At June 30, the bank's common equity Tier 1 ratio was 10.5%, compared with 11.8% at the end of 2016. The phased-in CET1 ratio, considering the accounting and prudential derecognition of the Elrond portfolio, was 10.8% at the end of June.

The Italian lender noted that it closed more than 90 branches between December 2016 and June, with some transformed to digital branches.