UniCredit 3Q Net Profit Rises

By Pietro Lombardi Features Dow Jones Newswires

Italian lender UniCredit SpA (UCG.MI) said on Tuesday that its third-quarter net profit rose strongly, supported by one-off profits from assets disposal, lower write downs on loans and provisions, and higher income from fees and commissions.

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According to the bank's preliminary results, net profit stood at 2.82 billion euros ($3.32 billion) compared with EUR447 million in the same period last year. Adjusted after-tax profit, which doesn't include one-off figures such as the disposal of its asset-management unit Pioneer, was EUR838 million, the bank said.

UniCredit's net write downs on loans and provisions declined by almost 40% to EUR598 million, while income from fees and commissions increased 4.2% to EUR1.59 billion.

Net interest income declined 3.5% to EUR2.5 billion.

UniCredit will release its full third-quarter results on Nov. 9. The bank said that it decided to release some preliminary results Tuesday after "an erroneous publication of data which included preliminary and incomplete 3Q17 figures" a day ago. UniCredit inadvertently uploaded a table to its website on Monday, it said, which has since been removed.

UniCredit also said its fully loaded CET1 ratio, a key measure of capital strength, is expected to be above 13.5%.

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Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

October 24, 2017 04:21 ET (08:21 GMT)