(Adds details) MILAN, August 4 (Reuters) – Carige returned to profit in the first half to 16.7 million after EUR 45.5 million loss in the first half of ‘last year and a red 45.4 in the first three months of 2015. The result benefited from the contribution of non-recurring items of EUR 68 million resulting from the reversal to income statement of positive AFS reserve of insurance companies whose sale was formalized in the second quarter. In terms of operating net interest income fell by 20.6% to 148.4 million also reflecting the sharp reduction of government bond portfolio, nearly halved since the end of the first half of 2014 to today, to 3.2 billion . Net commission income rose 2.6% to 131.1 million driven by the positive performance of the placement of mutual funds and insurance products, bringing total revenues to 302.1 million, down 22.2%. The cost of risk fell to 25 basis points in the second quarter by 35 bps in the first quarter with net adjustments to loans, for the entire semester, totaling 131.7 million. Gross impaired loans were up 4.6% to 6.8 billion and accounted for 27.4% of total gross receivables of the group, but on the aggregate quarter was substantially stabilized thanks to a strong intervention review of the loan portfolio. In particular, the bank has defined the restructuring agreements for 813 million positions previously stranded (totaling 1.6 billion considering the positions for which it was reached or approved the agreement after June 30). Gross NPLs amounted to 3.3 billion (+ 5.8%) and amounted to 13.2% of total gross loans. More …
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