UniCredit 4Q Net Profit Beat Expectations -- Earnings Review

   By Pietro Lombardi 
 

UniCredit SpA (UCG.MI) reported results for the fourth quarter and full-year on Thursday. Here's what you need to know:

NET PROFIT: Net profit for the period was 1.73 billion euros ($1.97 billion) compared with EUR801 million a year earlier. The bank reported a EUR887 million extraordinary positive tax effect in the quarter. Even excluding the one-time, non-cash tax effects related to the adoption of the IFRS 9 accounting standards, the lender's net profit stood at EUR840 million, exceeding expectations for net profit of EUR719 million, according to a consensus forecast provided by the bank.

REVENUE: Revenue fell 1% on year to EUR4.86 billion. This compares with expectations of EUR4.87 billion, according to the consensus.

WHAT WE WATCHED:

-REVENUE STREAMS: Net interest income rose 4.9% on year in the fourth quarter while net fees and commissions declined 1.4%

-CAPITAL: The Italian bank's fully-loaded CET 1 ratio stood at 12.07% in the fourth quarter.

Write to Pietro Lombardi at [e-mail]

(END) Dow Jones Newswires

February 07, 2019 05:06 ET (10:06 GMT)

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