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Italy's Unicredit reports profit plunge

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Italy's Unicredit reports profit plunge
Federico Ghizzoni, the chief executive of UniCredit. Photo: Giuseppe Cacace/AFP
15:53 CEST+02:00
Italy's top bank, UniCredit, reported on Tuesday a net profit of €810 million in the first six months of 2013, down 25.2 percent from the outcome for the same period last year.

The net figure, equivalent to $1.0 billion, was better than analysts had expected.

The figures "allow UniCredit to look at the coming months with confidence," the bank's chief executive Federico Ghizzoni said in a statement.

Profit in the second-quarter more than doubled to €361 million from €169 million a year earlier, thanks to a capital gain on a bond buyback.

"Despite the eurozone struggling to get out of the recession and the negative growth of the Italian economy, UniCredit records the first positive signs of turnaround in Italy, including an increase in new loan origination to companies and households," Ghizzoni said.

The bank covered bad debts by increasing loan-loss provisions in the second quarter by 35 percent, to €1.7 billion, it said.

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