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Italy's UBI posts 2014 surprise loss on writedowns
February 12, 2015 / 7:47 AM / 3 years ago

Italy's UBI posts 2014 surprise loss on writedowns

MILAN, Feb 12 (Reuters) - Italian bank UBI Banca posted a surprise 2014 loss of 725.8 million euros ($822 million) hit by writedowns of goodwill and intangible assets but said it would pay a higher dividend of 8 euro cents a share.

Analysts had on average expected the bank to post a net profit of 168.6 million euros based on Thomson Reuters SmartEstimate after a 251 million euro net profit in 2013.

The cooperative bank’s pro-forma Common Equity Tier 1 ratio - a measure of a bank’s ability to withstand possible losses - stood at 11.5 percent at the end of December fully applying Basel 3 banking rules, down from 12 percent at the end of September.

UBI said it booked around 883 million euros in net impairment losses last year. Writedowns of doutbful loans totalled 929 million euros, taking into account the outcome of a yearlong review of banking assets across the euro zone, versus 943 million euros in 2013.

$1 = 0.8825 euros Reporting by Valentina Za; editing by Danilo Masoni

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