Another day to forget in Piazza Affari for the share of Banca Carige, which in mid-morning lost almost 2 and a half percentage points. The shares of the Genoa and Imperia savings bank are still affected by the downgrade communicated two days ago by Moody's, Which has downgraded the rating of the group from B2 to B3, also lowering the outlook, now negative.
In the report on the first Ligurian bank, the American agency explained that the cut in the valuation came due to the further deterioration of the quality of the assets and profitability in the third quarter, as well as due to the growing doubts about the capital structure.
On average over the last month, Banca Carige's stock has lost over 17 percentage points, while the red is 6% over the six months and 37% on an annual average.
Banca Carige has a market capitalization of approximately 981 million euro and in the first nine months of 2013 it saw its net loss grow to 1,3 billion, with non-performing loans increasing by 865 million in the third quarter alone. Last February, the bank, one of 15 Italians to be subject to an asset quality review by the ECB, pledged to raise €800m through asset sales, but has so far raised only €100m. .
According to analysts of Equity, Banca Carige needs a capital increase of approximately 600 million, of which only 132 could come from the sale of the insurance companies. In addition, analysts have reduced the estimate on 2014 net profit from 95 to 42 million euros.
The next decisive appointment, however, will be the presentation, at the beginning of 2014, of the business plan by the new managing director, Piero Montani.
