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Unicredit 4Q profits soar, best quarter in a decade

 By The Associated Press  February 7, 2019 at 1:46am
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MILAN (AP) — Italian lender UniCredit says fourth-quarter profits more than doubled on accelerated positive tax effects under Italy’s new budget law.

Italy’s largest bank by assets reported Thursday a 1.7 billion-euro ($1.9 billion) quarterly net profit, compared with 801 million euros in the same period last year. Net income rose by 5 percent to 2.7 billion euros while fees and commissions shrank by 1.4 percent to 1.65 billion euros.

Without the positive tax impact of 887 million euros, quarterly profits rose by 20 percent for the best fourth quarter in a decade.

Adjusted full-year earnings were up 7.7 percent to 3.8 billion euros.

The bank confirmed a net profit target for 2019 of 4.7 billion euros and a Core Tier 1 ratio, a measure of the bank’s health, of 12-12.5 percent.

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The Associated Press
The Associated Press is an independent, not-for-profit news cooperative headquartered in New York City. Their teams in over 100 countries tell the world’s stories, from breaking news to investigative reporting. They provide content and services to help engage audiences worldwide, working with companies of all types, from broadcasters to brands. Photo credit: @AP on Twitter
The Associated Press was the first private sector organization in the U.S. to operate on a national scale. Over the past 170 years, they have been first to inform the world of many of history's most important moments, from the assassination of Abraham Lincoln and the bombing of Pearl Harbor to the fall of the Shah of Iran and the death of Pope John Paul.

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