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Unicredit Q4 profit down 13 percent

Unicredit Q4 profit down 13 percent

Unicredit, Italy's largest bank, said Wednesday that net profit in the fourth quarter of 2010 fell by 13 percent from a year earlier, largely because of higher provisions for bad loans and investment losses.
Unicredit SpA reported net income of (EURO)321 million ($456 million), down from (EURO)371 million a year earlier.
Provisions for risks and charges more than doubled to (EURO)472 million, from (EURO)232 million in the same period a year earlier.
Unicredit also reported a (EURO)157 million loss on investments, compared with a profit of (EURO)217 million in the last year, and recorded a goodwill impairment of (EURO)199 million related to Unicredit's subsidiary in Kazakhstan.
The bank generated full-year 2009 profit of (EURO)1.3 billion, down 22 percent from a year earlier.
The bank said 2009 results reflected a better interest rate environment and higher trading income, which last year was hurt by the difficult financial markets.
Unicredit is proposing a cash dividend of (EURO)0.03 per share and said its a Core Tier 1 ratio _ a sign of a bank's health _ had risen to 8.58 percent at the end of the year.
The bank's share price rose 1.2 percent to (EURO)1.77 in early Milan trading.


Updated : 2021-04-14 00:59 GMT+08:00