UniCredit profits up 25 percent, best 1Q in a decade

Combined Shape

MILAN (AP) — Italy’s largest bank by assets, UniCredit, posted its best quarter in a decade, with a 25% boost in first-quarter profits as the bank pushes ahead with a reorganization plan that includes deep cost-cutting.

UniCredit said Thursday that the bank’s first-quarter profits were 1.39 billion euros ($1.46 billion), up from 1.1 billion euros a year earlier.

The results were posted a day after the bank announced the sale of a 17-percent stake in its Fineco online banking subsidiary for just over 1 billion euros, as it seeks to boost its financial strength ahead of a new business plan in December.

The bank said revenues dipped as higher loan volumes and rates offset higher funding costs of loans, and that fees were pulled down by lower investment fees.

The Western Journal has not reviewed this Associated Press story prior to publication. Therefore, it may contain editorial bias or may in some other way not meet our normal editorial standards. It is provided to our readers as a service from The Western Journal.

Truth and Accuracy

Submit a Correction →






We are committed to truth and accuracy in all of our journalism. Read our editorial standards.

Tags:
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.
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.

Today, they operate in 263 locations in more than 100 countries relaying breaking news, covering war and conflict and producing enterprise reports that tell the world's stories.
Location
New York City




Conversation