MILAN, August 7 (Reuters) – Banco Popular ended the second quarter with a net profit of 84.3 million and a CET1, when fully implemented, 11, 3% down slightly dalll’11,6% of the end of March, affected by the Greek crisis.
In the first half net profit is 293 million and benefited from an increase in revenues ‘core’ of 3.2% to 1.6 billion euro, of which 789.1 million of net interest income, up 2 , 7%.
The value adjustments to loans fall in the half year of 39.5% to 375.3 million thanks to the strong reduction in the flow of new loans.
The cost of credit on a yearly basis to 85 basis points from 137 basis points at the bottom of the range of 80-100 bp scheduled for this year.
With regard to capital ratios, the downturn CET1 ‘fully phased’ depends on the reduction of the positive valuation reserves for financial assets available for sale recorded at the end of six months due to the drop in market prices resulting in the worsening crisis Greek, he says the bank,
In the transitional regime CET1 is 12.2%, up from 11.9% at the end of March.
At the level of pro-forma, considering the disappearance of the risk ‘Grexit’ at the end of the second half and considering the impact of the sale of the stake in ICBPI (140 million based on an assessment of the institute 2 billion), the CET1 ‘phased in’ rises to 12.8% and the ‘fully phased’ to 12.4%.
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