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Unicredit returns to Q3 profit after cost-cutting
Tuesday - 11/13/2012, 9:18am EST
MILAN (AP) - Unicredit SpA, Italy's largest bank by assets, says it has returned to third-quarter profits a year after launching a cost-cutting program.
Unicredit reported net profit of (EURO)335 million ($424 million) compared with a huge (EURO)10.6 billion net loss last year that included writedowns on Greek debt and several subsidiaries.
The bank said revenues were up 2 percent to (EURO)6.1 billion, while its loan loss provisions were down 5 percent to (EURO)1.8 billion.
CEO Federico Ghizzoni said the revenues remained "resilient" despite the ongoing debt crisis due to the bank's geographical diversity.
Unicredit has reduced staff and refocused on Central European operations under a strategic plan launched last year.
The bank's Core Tier 1 ratio, a measure of health, was 10.7 percent, above European requirements.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)