UniCredit 3Q Net Profit Fell Significantly
November 08 2018 - 12:56AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA (UCG.MI) said Thursday that a net loss from
investments hit third-quarter net profit, which fell sharply from a
year earlier when the comparable result was boosted by a capital
gain on the sale of its asset-management unit Pioneer
Investments.
Net profit for the period was 29 million euros ($33.2 million),
down from EUR2.82 billion a year earlier, when the bank reported a
EUR2.1 billion capital gain on the sale of Pioneer.
The bank reported a EUR846 million impairment in the quarter
related to its stake in Yapi Kredi, a Turkish bank.
On an adjusted basis, which excludes one-offs like the unit sale
or the Yapi impairment, net profit for the period rose to EUR875
million, compared with EUR835 million a year ago, the bank
said.
UniCredit's fully loaded common equity Tier 1 ratio, a key
measure of capital strength, fell to 12.11% in September, down from
12.51% in June.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 08, 2018 01:41 ET (06:41 GMT)
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