UniCredit 3Q Net Profit Fell Significantly

   By Pietro Lombardi 
 

UniCredit SpA (UCG.MI) said Thursday that a net loss from investments hit third-quarter net profit, which fell sharply from a year earlier when the comparable result was boosted by a capital gain on the sale of its asset-management unit Pioneer Investments.

Net profit for the period was 29 million euros ($33.2 million), down from EUR2.82 billion a year earlier, when the bank reported a EUR2.1 billion capital gain on the sale of Pioneer.

The bank reported a EUR846 million impairment in the quarter related to its stake in Yapi Kredi, a Turkish bank.

On an adjusted basis, which excludes one-offs like the unit sale or the Yapi impairment, net profit for the period rose to EUR875 million, compared with EUR835 million a year ago, the bank said.

UniCredit's fully loaded common equity Tier 1 ratio, a key measure of capital strength, fell to 12.11% in September, down from 12.51% in June.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

November 08, 2018 01:41 ET (06:41 GMT)

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