UniCredit has reported first quarter net earnings of €520
million ($659.7 million), up 16.5 percent from the corresponding
quarter last year and ahead of analyst forecasts.
But the domestic retail unit of Italy’s biggest bank posted
first quarter profits before tax of €91 million, down from €364
million in the year-ago quarter while the bank’s retail-focused
Central and Eastern European unit recorded profits before tax of
€256 million, down 33 percent.
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Highlights included a drop in the bank’s cost-income ratio to 57
percent, down 2 percentage points and 1.3 percentage points
quarter-on-quarter and year-on-year respectively.
Net write-downs of loans and provisions fell
for the third quarter in a row, to €1.79 billion from a peak of
€2.43 billion in the second quarter of 2009, but still ahead of the
first quarter last year (Q109 €1.65 billion).
Since the first quarter of 2009, UniCredit’s
branch network has shrunk by almost 5 percent or 494 units to 9,637
outlets at the end of March.
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