UniCredit bounces back with Q1 results

Federico Ghizzoni unicredit
By Steven Gilmore
13 May 2014

UniCredit took a strong step towards meeting its 2014 profit plans in the first quarter, according to results published on Monday. After taking huge losses through goodwill writedowns and loan loss provisions at the end of last year, the group’s profits rebounded, underpinned by decent results from Commercial Bank of Italy, UniCredit CIB and its central eastern Europe division.

The bank reported €1.23bn pre-tax profits for Q1 — a 33.4% year on year increase — and its net profit of €712m puts it well on the way to hitting its €2bn target for 2014. UniCredit’s core book, which is now reported separately, made a €1.67bn pre-tax profit ...

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