On 30 June 2017, 100% of Nuova Cassa di Risparmio di Ferrara SpA ("Nuova Carife") was acquired from the National Resolution Fund
The deal has a solid business and financial rationale as it increases the Group's market share of loans and deposits with the addition of more than 100,000 new customers
Financial solidity at the top of the Italian banking system with a fully phased CET1 ratio of 13.17% (13.38% phased in), a slight increase on 31 March 2017 despite the entry of Nuova Carife
Net profit for the half-year of € 119.1 million, conditioned by significant non-recurring items1, such as writedowns of the Group's share of the Fondo Atlante and of the portion of the FITD-SV contribution for CariCesena for a total of € 61.5 million and badwill generated by the acquisition of Nuova Carife of € 130.7 million. The presence of this item has led the Group to adopt an even more conservative approach to its loan loss provisioning policy, with another hefty increase in its coverage of non-performing exposures
