UniCredit first quarter profits down nearly a third


Save Story
Leer en Español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

MILAN (AP) — Italy's largest bank by assets, UniCredit, says net profit dropped by nearly one-third as it provisioned more funds against risk.

The bank said Tuesday that its net profit for the first three months of the year was 512 million euros ($576 million), down from 712 million euros a year earlier.

UniCredit said the earnings took into account a 91 million euro payment to a Europe-directed fund complementing local deposit protection systems, namely in Germany and Austria. The funds took effect in 2015.

The bank said impaired loans were down 1.4 percent from the previous quarter, to 83.2 billion euros.

CEO Federico Ghizzoni said the results showed some signs of recovery, and cited an improvement in investment quality and capital position.

UniCredit shares were flat in Milan trading at 6.525 euros.

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

Business
The Associated Press

    STAY IN THE KNOW

    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the KSL.com Trending 5.
    By subscribing, you acknowledge and agree to KSL.com's Terms of Use and Privacy Policy.

    KSL Weather Forecast