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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