October 31, 2017 / 7:01 PM / a year ago

Italy's Carige posts 55 mln euro loss in Q3 on bad loan disposal

MILAN, Oct 31 (Reuters) - Italy’s Banca Carige said on Tuesday it posted a third quarter loss of 55 million euros ($64 million) hit by writedowns needed for a bad loan sale.

After Rome rescued larger rival Monte dei Paschi di Siena and liquidated two failing regional banks this year, Carige came into focus as the last large Italian bank still in difficulty following a deep recession.

The European Central Bank has given it until the end of December to strengthen its capital.

Carige said it had booked a 111 million euro loss in July-September on the disposal of 940 million euros in soured loans.

Cost cuts allowed it to book an operating profit of 5.4 million euros in the period despite shrinking revenues. ($1 = 0.8580 euros) (Reporting by Valentina Za, editing by Giulia Segreti)

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