the republic logo

Italy's UniCredit bank returns to Q4 profits on return to health of Italian operations

bug
Share/Save/Bookmark

MILAN — UniCredit, Italy's largest bank by assets, returned to a profit in the fourth quarter of 2014, led by an improvement in the domestic market.

The bank posted Wednesday a net profit of 170 million euros ($192 million), compared with a record 15 billion-euro loss in the fourth quarter of last year, when it made huge writedowns on soured investments to clean up its balance sheet.

CEO Federico Ghizzoni says the bank has "successfully completed the turnaround in Italy," noting it had achieved the forecast 2-billion-euro full-year net profit. The Italian commercial bank was the strongest contributor with higher revenues and cost cutting.

For the quarter, UniCredit revenues were up just under 1 percent to 5.6 billion euros, with interest income flat and a slight increase in fees and commissions.

Think your friends should see this? Share it with them!

Story copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Feedback, Corrections and Other Requests: AP welcomes feedback and comments from readers. Send an email to info@ap.org and it will be forwarded to the appropriate editor or reporter.


We also have more stories about:
(click the phrases to see a list)

Category:

Subjects:

Places:

 

Follow The Republic:

All content copyright ©2015 The Republic, a division of Home News Enterprises unless otherwise noted.
All rights reserved. Privacy policy.