Italian banking group UniCredit has posted an attributable net profit of EUR153m in the fourth quarter of 2015, a decline of 10% compared to EUR170m in the year-ago quarter.
Operating income dropped 0.3% to EUR5.59bn from EUR5.60bn in the corresponding quarter of 2014.
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Net write-downs on loans and provisions decreased 28.3% to EUR1.22bn from EUR1.7bn in the prior year.
UniCredit CEO Federico Ghizzoni said: "This is a remarkable result considering the challenging macroeconomic environment in Europe, in particular in the banking sector. The implementation of our Plan is well on track.
"In recent months, we finalized some important agreements in Austria and Ukraine; at the same time, we are strongly committed to cost reduction. Asset quality is constantly improving, impaired and bad loans are firmly under control with high coverage ratios."
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