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Italy's CDP says 2012 net profit rose 77 percent
March 20, 2013 / 2:53 PM / 5 years ago

Italy's CDP says 2012 net profit rose 77 percent

MILAN, March 20 (Reuters) - Italian state-backed financing agency Cassa Depositi e Prestiti (CDP) said on Wednesday its net profit rose 77 percent 2.8 billion euros ($3.6 billion) in 2012 thanks to a rise in net interest income.

CDP, 70 percent owned by Italy’s treasury, has broadened its traditional lending activity to include direct investments in companies and export finance to become a sort of development bank for Italian economy.

Last year the agency recorded new lending and investment of more than 22 billion euros, nearly 1.5 percent of the Italian gross domestic product, CDP said in a statement.

CDP, which holds stakes of 30 percent in Snam and Terna together with 25.7 percent of Eni, said equity investments rose 54 percent to 30 billion euros in 2012. ($1 = 0.7760 euros) (Reporting by Francesca Landini, editing by Danilo Masoni)

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