By Sabrina Cohen DOW JONES NEWSWIRES
MILAN (Dow Jones) – With the figures presented on Wednesday for the final quarter of 2009, the Italian banking group UniCredit has which significantly exceeded analysts’ expectations and its stock Impetus given. Although the net profit for the period between October and is December to 371 (previous year: 505) million fallen. Observers were on average expected but only with EUR 50 million surplus. Until the early Lunch increased the price of UniCredit shares up 5.5% to 2.15 euros.
Had an adverse effect in the fourth quarter, particularly the rise Provisions for bad loans. UniCredit had the provision in Compared to the same period last year by half to £ 2.3 billion increase, However, it remained so at the level of the third quarter. Alone strong in Eastern Europe, the Austrian subsidiary Bank Austria its credit losses in 2009 EUR 1.7 billion more than tripled.
Net interest income in the last quarter fell to 4.1 billion EUR from £ 5.3 billion a year earlier. The previous quarter was in order, however, a slight increase recorded. In securities trading, the Institute reached in Reporting period, revenues of EUR 152 million, having at this point last year still a Loss of EUR 1.2 billion was to book.
For the full year showed the Milanese bank a Net profit of EUR 1.7 billion, he was well below last year’s earnings of 4 Billion. In 2009, UniCredit will pay a dividend of EUR 0.03 per share . pay
2009 was a "difficult year" have been, "said CEO Alessandro Profumo. However, he had managed the bank, its operating performance to improve. 2010, the Manager expects that the institution has Core capital ratio will stabilize. Last year it rose to 8.5% (6.6%).
Has, unlike many other European competitors UniCredit is against the participation in a state Utility Bank decided to strengthen its capital ratio. Instead, the bank had made one capital increase of EUR 4 billion, which was completed in February.
UniCredit wants to expand further. CEO Profumo confirmed on Wednesday, the Institute at its German branches of the acquisition of 170 Swedish bank Skandinaviska Enskilda Banken (SEB) interest has. In addition, the Institute intends to data from the informed Circles end of the month to request a banking license in Libya. The Libyan Investment Authority owns about 5% of UniCredit.
Their participation in the Italian insurer Assicurazioni Meanwhile, UniCredit Generali has reduced to 0.4%. In the sale of 2.84% Generali shares created for the Milan, a loss of 67 million euros. Measured by market value, UniCredit SpA, Italy’s largest Retail bank. The group maintains operations in 22 countries Europe. In Germany, HypoVereinsbank is part of the UniCredit Group, Bank Austria in Austria.
Website: www.unicreditgroup.eu -By Sabrina Cohen, Dow Jones Newswires +49 (0) 69 - 29725 104, unternehmen.de @ dowjones.com DJG / DJN / ebb / rio Visit our website http://www.dowjones.de
(END) Dow Jones Newswires
March 17, 2010 08:58 ET (12:58 GMT)
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Tags: core capital, capital ratio, dow jones newswires, european competitors, credit losses
