Carige H1 net rises 20.7 pct to 100.5 mln eur; subprime exposure insignificant |
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Tue, 11 Sep 2007 07:37
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MILAN (Thomson Financial) - Banca Carige SpA said its first-half net profit rose 20.7 pct to 100.5 mln eur compared to a year earlier, thanks to higher volumes, a favourable trend in market rates, and growth in costs in line with the budget.Revenues rose 21.6 pct to 476.7 mln eur, as net interest income rose by 18.9 pct and net service income by 26.9 pct, while operating costs rose 6.2 pct, leading to a cost income ratio of 54 pct, against 60.5 pct.The bank said while it has no direct exposure to subprime mortgages, its indirect subprime exposure is insignificant and below 0.1 pct of its portfolio.Carige also said the sale of Intesa Sanpaolo's 198 bank branches, for which it is bidding, is currently ongoing and that it has mandated its chairman to study a capital hike to finance the purchase.danilo.masoni@thomson.comdm/raCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Carige to acquire around 80 of 198 branches sold by Intesa Sanpaolo - source 