Banco Popolare SC, the first Italian bank to seek state aid during the financial crisis, said first- quarter profit fell 16 percent, as it raised provisions against bad loans and fee income declined.
Net income dropped to 219 million euros ($298 million) from 260 million euros a year earlier, the Verona, Italy-based bank said today in a statement sent through the stock exchange. That was almost double the median forecast of 129 million euros in a survey of seven analysts by Bloomberg News.
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