Rome

Italian bank profits slump to 1.0 billion euros in 2012

Industry association report points to weakening credit quality

Italian bank profits slump to 1.0 billion euros in 2012

Rome, May 21 - Italian banks' profits have taken a heavy toll during the past year, and margins are at "historically low levels," banking association ABI said in a report published Tuesday. Overall, Italian banks' combined profits in 2012 were 1.0 billion euros, a five-fold decrease from the 5.0 billion euros reported at the end of 2011. Furthermore, excluding various one-offs, write-downs and corrections, overall the banking industry in Italy would have reported a combined 1.8 billion euro loss for 2012. The ABI report takes into account the results of 39 banking groups. The decrease in banks' margins is largely due to the deteriorating quality of credit, Giovanni Sabatini, ABI managing director, said in the report.

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