MILAN – Italian lender UniCredit fell to a heavy loss of 13.6 billion euros ($14.5 billion) in the fourth quarter as its new CEO moved to clean up the bank's bad loan portfolio and fortify the bank's financial health.
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Italy's largest bank by assets, UniCredit said Thursday that it incurred 13.2 billion euros in one-off expenses, which included a previously announced 8.1-billion-euro write-off on bad loans plus other charges including contributions to an Italian fund to save weaker banks.
The loss was in line with analyst forecasts of 13.56 billion euros, as surveyed by data provider FactSet. The bank said that without the one-offs, the loss would have totaled 352 million euros, citing lower revenues.
UniCredit said full-year losses totaled 11.8 billion euros, exceeding forecasts of 10.5 billion euros.