UBI Banca, Italy’s fifth largest
bank, posted a more than threefold increase in net profit in fiscal
2009, from €69bn ($92bn) in 2008 to €270bn in 2009, but said the
economic outlook for 2010 was improving “very slowly”.
The bank also said lending was back
to pre-crisis levels at the end of 2009 although it was “more
focused on private retail customers”.
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Lending on a group basis was up
1.7%, with total assets of €98bn in 2009, while retail lending
increased 4.5% from €43.5bn to €45.5bn at the end of 2009.
Private customers helped boost
overall profits, the bank said.
However the bank said the quality of
the lending portfolio reflected the “progressive deterioration of
the economic situation”.
Net impairment losses were up 52.8%
to €865m.
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