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Italy's Creval sees FY'17 net loss narrow slightly

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Italy's Creval sees FY'17 net loss narrow slightly

Sondrio, Italy-based Credito Valtellinese SpA reported a reclassified consolidated full-year 2017 net loss of €331.8 million, compared to a net loss of €333.1 million a year earlier.

Net interest income fell year over year to €392.0 million from €421.7 million. Net fee and commission income amounted to €291.8 million, compared to €280.4 million a year ago.

The net trading and hedging loss reached €200.2 million, compared to a loss of €15.8 million in 2016. Net gains on sales of investments rose to €68.9 million from €31.4 million.

Net impairment losses on loans and receivables and other financial assets dropped 17.58% on a yearly basis to €404.9 million from €491.2 million. No goodwill impairment losses were recorded in 2017, compared to losses totaling €68.8 million a year ago.

As of Dec. 31, 2017, net nonperforming loans stood at 13.2%, compared to 18.1% at the end of 2016.

Creval's phased-in common equity Tier 1 capital ratio stood at 10.6% at the end of 2017, down from 11.8% at 2016-end. The Italian lender's total capital ratio as of Dec. 31, 2017, was 12.5%, compared to 13.0% at the end of 2016.