Largest European banking group UniCredit Reports profits in the last quarter

MILAN - April 20, 2015 - PRLog -- Italy's biggest bank UniCredit SpA recorded a net profit in Q4 2014 after a record loss in the previous year.

According to a press release UniCredit SpA, its net profit in the IV quarter amounted to 170 million euros. In October-December 2013 the Bank recorded a net loss of 15 billion euros by writing off bad loans and assets totaling 18.7 billion euros.

According to the data of agency of banking information BanksItaly.com, on average, it is expected net profit in October-December at the level of 163 million euros. Contributions to reserves for potential loan losses UniCredit in October-December amounted to 1.7 billion euros against 9.3 billion euros a year earlier.

Operating profit decreased to 5.6 billion euros from 5.98 billion euros a year earlier, below market expectations (5.66 billion euros). Net fee and commission income grew by UniCredit 1.6% to 1.88 billion euros, net interest income decreased by 2.4% to 3.06 billion euros.

Operating expenses in the last quarter fell by 6.4% to 3.51 billion euros. The capital adequacy ratio of the first level of the bank at the end of the IV quarter was 10.4% compared to 10.8% at the end of III quarter.

According to the results of all of last year, UniCredit recorded a net profit of 2 billion euros, which coincided with the target bank.

The Unicredit bank profile and detailed information about the groub can be found at http://bankingitaly.com (English) and http://unicredit.it (Italian)