Unione di Banche Italiane SpA,
which is branded as UBI Banca, said Friday it closed out the
first half of the year with losses of 787 million euros after
booking 95% of the costs of implementing its industrial plan in
the second quarter with an allocation of 835 million euros.
Without that item, the banking group would have posted
earnings of 48.1 million euros in the first half, compared to
124.4 million in the same period last year.
The bank reported "significant signs of improvement in
credit quality" with gross non-performing loans (NPLs) falling
by 1.6% on March 2016 and by 1.1% on December 2015) and net NPLs
dropping by 1.16 billion and 1.18 billion euros in the same
period, respectively.
Coverage of total NPLs rose to 44.3%, the bank said.
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