Sabato, 22 Settembre 2018
MILAN

UniCredit reports doubling of profits in Q2 2013

English
© ANSA

Milan, August 6 - Profits more than doubled in the
second quarter at Italy's biggest bank, UniCredit SpA reported
Tuesday.
Net income rose by almost 114% to 361 million euros in the
April to June period, well above the 169 million euros reported
in the same period last year, after UniCredit recorded gains of
254 million euros from buying back its own debt.
The strong results come amid cost-cutting and risk
reduction and despite a deep and lingering recession in Italy.
And the outlook is gradually improving for the troubled
economy, said Chief Executive Officer Federico Ghizzoni.
"Despite the eurozone struggling to get out of recession
and the negative growth of the Italian economy, UniCredit
records the first positive signs of turnaround in Italy,"
Ghizzoni said in a statement.
UniCredit said it is also reorganizing its operations in
Italy, as well as across central and eastern Europe, as part of
a five-year plan at strengthening its finances and boosting
profits.
It also announced it was increasing its loan-loss
provisions to cover bad debts.
Shares in the bank jumped by 1.49% in early afternoon
trading after the results were released by the bank.
UniCredit also announced its repayment of 2 billion euros
from the total 26.1 billion euros it had borrowed from the
European Central Bank as part of the ECB's cheap financing
program unveiled during the eurozone debt crisis.

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