April 6, 2018 / 8:37 AM / a year ago

Italy's UBI optimistic over 2018 after good start to the year-CEO

BRESCIA, Italy, April 6 (Reuters) - UBI Banca is confident it can meet a forecast of significantly better 2018 results after a good start to the year, the chief executive of the Italian bank said on Friday.

Addressing shareholders at the bank’s annual general meeting, CEO Victor Massiah said UBI had gone through a loan inspection by European Central Bank supervisors without major issues and had already started taking necessary actions though it was still to receive the audit’s final outcome.

“The ongoing rise in net interest income and ... a good start to the year allow us to be optimistic over 2018. The cost of funding keeps falling and fees continue to perform well ... so we said we expect a significantly higher 2018 result,” Massiah said. (Reporting by Valentina Za and Andrea Mandala,)

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