STOCKS NEWS EUROPE-Banca Italease down after weak results

Shares in Italian leasing and factoring company Banca Italease (BIL.MI), a unit of Banco Popolare (BAPO.MI), fall after weak results on Thursday evening after the market close.

In the first nine months Banca Italease posted a narrower net loss of 172 million euros than the 222 million a year earlier, the bank said. [ID:nBIA1286a]

Third quarter net operating profit came in 15 percent below the estimates of one Milan broker with cost-cutting unable to compensate for the fall in Italease revenues, the broker says.

In addition, loan value adjustments of 50 million euros were twice the broker's estimate because of transfers to the non-performing loanbook, from substandard category, it says.

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