Unicredit 4Q profits soar, best quarter in a decade

MILAN — Italian lender UniCredit says fourth-quarter profits more than doubled on accelerated positive tax effects under Italy's new budget law.

Italy's largest bank by assets reported Thursday a 1.7 billion-euro ($1.9 billion) quarterly net profit, compared with 801 million euros in the same period last year. Net income rose by 5 percent to 2.7 billion euros while fees and commissions shrank by 1.4 percent to 1.65 billion euros.

Without the positive tax impact of 887 million euros, quarterly profits rose by 20 percent for the best fourth quarter in a decade.

Adjusted full-year earnings were up 7.7 percent to 3.8 billion euros.

The bank confirmed a net profit target for 2019 of 4.7 billion euros and a Core Tier 1 ratio, a measure of the bank's health, of 12-12.5 percent.

People also read these

EU, US urge Albania's opposition to keep protests...

May 25, 2019

The European Union, the United States and the Organization for Security and Cooperation in Europe...

Albania president denounces municipal elections

Jul 2, 2019

Albania's president has denounced Sunday's municipal elections as a "farce" and urged new polls to...

Exit poll shows Armenia's ruling party with wide...

Apr 2, 2017

Armenians have voted in the country's first parliamentary election since the ex-Soviet nation...

Armenia protests: 70 arrested, including 2...

Apr 21, 2018

Armenian authorities say more than 70 people have been arrested, including two people suspected of...

Armenia protest leader seeks president's backing...

Apr 29, 2018

The leader of the wave of protests that created a surprise power vacuum in Armenia said Sunday that...

Sign up now!

About Us

24-7 Reporters publishes up-to-the-minute news 24 hours a day, 7 days a week. Our certified reporters are among the most experienced, well-trained and talented across the globe, covering issues resonating progressives in every corner of the world.

Contact us: sales[at]24-7reporters.com