July 10, 2018 / 8:57 AM / 2 months ago

Deposits at Italian banks rise in May despite political turmoil

MILAN, July 10 (Reuters) - Deposits at Italian banks rose 5.7 percent in May on an annual basis, accelerating from a 4.3 percent increase in April, Bank of Italy data showed, in a positive sign for the lenders despite recent political tensions.

In May, the leak of a draft programme for a new populist government sparked a sell-off of Italy’s assets. Analysts said in recent weeks the deposits data was key to establish whether the confidence crisis that prompted investors to dump Italian banking stocks also affected depositors.

Data released on Tuesday also showed that net bad loans fell to 49.27 billion euros ($57.77 billion) in May, to below 50 billion euros for the first time since March 2012. ($1 = 0.8528 euros) (Reporting by Francesca Landini; editing by Agnieszka Flak)

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