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.
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%.
Write to Pietro Lombardi at email@example.com
(END) Dow Jones Newswires
October 24, 2017 04:21 ET (08:21 GMT)