B.Carige: net loss 1 * trim 45.3 mln (+17 mln 1 * trim 14) – BBC

19:27 MILAN (Dow Jones) – Bank Carige closed the first quarter with a loss of 45.3 million euro, compared with a profit of 17 million in the same period last year. The result, it said in a statement, is still affected by the negative impact of ex IFRS 5 the insurance group held for sale totaling 18.5 million; net of this item and the result ‘of -26.8 million. At closing of the sale of insurance assets (expected in the second quarter) will become part of the income statement related valuation reserves of activities’ available for sale with a corresponding impact on the value of the same (positive 80.5 million at 31 March 2015). In the first quarter returned to growth, loans to customers, which rose by 0.4% to 22.1 billion (4.7% of the annual change as restated), thanks to the positive contribution of areas outside Liguria. To date the bank has also decided (or are in the process of resolution) over 600 million of new loans. Total deposits from customers shows a substantial hold on a quarterly basis, with a decline of 0.4% to 39.9 billion. Also on the economic front are detected significant signs of turnaround, primarily in net interest income, which stood at 77.3 million (+ 6.5% on the fourth quarter 2014), in line with the provisions of the plan and led by decline funding costs. Net commissions were substantially stable compared to the first quarter of 2014 (-0.8% to 59.5 million). The CET1 ratio mp to 03.31.2015 amounted to 8.4%, including the effects of the impending sale of the insurance companies, while taking into account the effects of the next capital increase being implemented, the CET1 ratio will rise ‘to 12 , 3%, which is significantly above the minimum requirements of 11.5% set by the ECB. The institute has announced that the reverse stock split of ordinary and savings shares of Carige (whose relationship and ‘was set at 1 to 100) will start’ on 18 May. Finally, and ‘it ran the capital increase from EUR 15,822,885.75 Upon completion of the Ligurian the bank holds the entire share capital of the Cassa di Risparmio di Savona and the Cassa di Risparmio di Carrara. fch (end) AFX NEWS 1219: May 27, 2015