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Banca Carige reports smaller Q2 loss, remains focused on de-risking

Banca Carige SpA on Aug. 3 reported a net loss attributable to the parent company of €113.8 million for the second quarter, contracting from a restated loss of €144.5 million a year ago, amid an improvement in asset quality.

The Genoa, Italy-based bank, which is facing pressure from European regulators to clean up its bad loan book and named a new CEO in June, said it had focused on de-risking its loan portfolio during the quarter.

Net value adjustments to loans were negative €142.6 million in the second quarter, narrowing from negative €222.0 million in the second quarter of 2016. Net provisions for risks and charges totaled €16.4 million, compared to €800,000 in the year-ago quarter.

Carige said its nonperforming loan portfolio decreased to €7.2 billion gross at the end of June, from more than €7.3 billion at the end of 2016. Its coverage for total nonperforming exposures rose to 48.9%.

The bank reported second-quarter net interest income of €68.1 million, down from €76.8 million a year ago, with operating income totaling €139.0 million, down from €179.6 million. Operating charges amounted to €134.8 million, up from €116.9 million.

For the first half of 2017, Carige reported a net loss attributable to the parent company of €154.9 million. For the first half of 2016, the net loss — corrected according to certain IAS 8 accounting provisions — totaled €184.4 million.

The bank's liquidity coverage ratio stood at 115% at the end of June. Its common equity Tier 1 ratio was 10.3% at June 30.

On July 31, Carige detailed an asset disposal plan that could strengthen its capital by at least €200 million.