Italian banking group UniCredit has reported a net loss of €13.6bn for the fourth quarter of 2016, compared to a net profit of €153m the year ago.

Excluding extraordinary items of €13.2bn, quarterly group loss stood at €352m driven by lower revenues and higher loan loss provisions partially compensated by thorough cost control.

The group’s pre-tax loss was €12.5m for the quarter ended 31 December 2016, compared to a loss of €644m in the corresponding quarter of 2015.

Operating income was €4.22bn, a decrease of 10.6% from €4.72bn in the previous year.

UniCredit CEO Jean Pierre Mustier said: “2016 was a pivotal year for UniCredit. We took a number of decisive actions regarding legacy and operational issues to ensure the future success of the Group.

“We will continue to strengthen our simple Pan-European Commercial Bank business model which benefits from a fully plugged in CIB, whilst continuing to deliver our unique Western, Central and Eastern European network to our 25 million strong client franchise.

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“Transform 2019 is already progressing. Since the beginning of February, our fully underwritten 13 billion euro capital increase was launched, we have signed agreements with our unions securing the planned 14,000 redundancies between now and the end of 2019, and Project FINO has commenced active execution.”