May 8, 2019 / 4:17 PM / 18 days ago

Italy's Banco Bpm says gross bad loan ratio drops to 9.9 pct after latest sale

MILANO, May 8 (Reuters) - Italy’s third largest lender Banco Bpm said on Wednesday bad loans as a proportion of total loans would fall to 9.9 percent after it struck a deal to sell a leasing soured debts portfolio with a nominal value of about 650 million euros.

The bank said net profit at the end of first quarter came in at 150.5 million euros, down 32.6 percent from a year ago.

Reporting by Andrea Mandala, editing by Silvia Aloisi

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