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4:00 PM Frankfurt – Banco Bpm net swung to profit and agreed to sell its Aletti Gestielle unit to Anima Holding for €700 million. Hypoport jumped on improved outlook. PostNL net tumbled but revenues increased. Renault and Iran-based IDRO signed a joint venture agreement to produce automobiles.
In London trading, FTSE 100 index increased 16.98 or 0.2% to 7,528.32 and in Frankfurt the DAX index slipped 65.26 or 0.5% to 12,232.31.
In Paris, CAC 40 index edged down 3.68 to 5,199.76.
Banco Bpm SpA jumped 2.9% to € 3.35 after Italy-based banking and financial services provider said net interest income in the first-half ending in June dropped 3.1% from a year ago to €1.1 billion.
Net in the period swung to profit €94.2 million from a loss of €230 million in a year ago six-month period.
As of June 30, the bank said net write-downs of tangible and intangible assets for the period jumped 8.4% to €109 million from €101 million and net write-downs on impairment of customer loans fell to €647 million from the €1.1 billion in a year ago period.
As of June 30, net non-performing loans dropped 12.3% to €14.2 billion from €16.2 billion and net customer loans fell 1% to €109.4 billion from in December 2016.
Separately, the bank agreed to sell its Aletti Gestielle SGR unit for cash consideration of about €700 million to Anima Holding.
Hypoport AG jumped 6.7% to €130.40 after Germany-based technology-based financial services provider said revenues in the first-half ending in June soared 29% from a year ago to €95 million and operating profit surged 20% to €13 million in a year ago six-month period.
Hypoport reaffirmed fiscal 2017 percentages in revenue and earnings to double digits.
PostNL NV declined 5.3% to €3.85 after the Netherlands-based postal and parcel services provider reported revenues in the first-half ending in June rose 1% from a year ago to €1.71 billion.
Net income in the period tumbled 65.9% to €70 million from €205 million in a year ago six-month period and diluted earnings per share rose to €1.28 from €1.18.
Renault SA gained 0.7% to €76.18 after France-based automaker today signed a partnership agreement with Iran-based Renault products importer Parto Negin Naseh Co and the state owned Industrial Development and Renovation Organisation to build more than 150,000 passenger cars a year at Saveh, near Tehran.
Renault will have a majority stake in the proposed €660 million joint venture and first vehicles to be produced at the plant will be new Symbol and new Duster models.