Banco Popolare closed the first 9 months of the year with a group net income equal to 350 million euros (342 million net of the Fair Value Option), against the loss of 99 million recorded in the same period of 2014.
Among other budget items:
Interest margin amounting to 1.177 million, up 1,0% compared to 30 September 2014;
Net commissions amounting to 1.085 million, up 1,4% compared to 30 September 2014;
Operating charges to 1.591 million, down 4,5% compared to 30 September 2014;
Cost of credit down sharply to €575 million and equal to 89 basis points annualized compared to 158 basis points in the first nine months of 2014;
Gross result from current operations positive and equal to 341 million against the loss of 108 million as at 30 September 2014.
The Bank announces that the positive result was also achieved thanks to the slowdown in the growth of non-performing loans (-56%), a significant reduction in the cost of credit (575 million compared to 1.065 as at 30 September 2014) and the positive impact on income taxes following the recognition in the first quarter of deferred tax assets associated with the tax losses carried forward of the merged Banca Italease (+85 million).
