UniCredit 1Q Net Profit Rises 23%
10 Mayo 2018 - 12:46AM
Noticias Dow Jones
By Pietro Lombardi
UniCredit SpA (UCG.MI) reported Thursday a double-digit growth
in first-quarter net profit, supported by lower net write-downs on
loans and provisions.
The Italian bank's net profit rose almost 23% from a year
earlier to 1.11 billion euros ($1.32 billion).
Operating income was roughly flat at EUR5.11 billion.
For the period, net write-downs on loans and provisions stood at
EUR496 million compared with EUR766 million in the same period last
year.
"The Group should benefit from the ongoing recovery in the
economic cycle during 2018, despite the extraordinarily low
interest rates and the still high level of liquidity, consequently
affecting the net interest income dynamics," the bank said.
UniCredit said it also expects fee growth and cost reduction to
be key drivers of its performance this year.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 10, 2018 01:31 ET (05:31 GMT)
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