Italian banking group UniCredit has reported an attributable net profit of €447m for the third quarter of 2016, a fall of 11.8% compared to €507m in corresponding quarter of 2015.

Pre-tax profit stood at €872m, an increase of 8.7% compared to €802m in the year ago third quarter.

For the quarter ended 30 September 2016, year-on-year revenues increased 2.3% to €5.5bn.

The bank's operating income increased 2.3% to €5.45bn from €5.33bn a year ago. Net interest income decreased 2.6% to €2.85bn from €2.92bn a year earlier.

Net write-downs on loans and provisions rose 0.3% year-on-year to €1.01bn. The bank’s fully loaded CET1 ratio at the end of the third quarter was 10.82%.

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