UniCredit, Italy's largest bank by assets, returned to a profit in the fourth quarter of 2014, led by an improvement in the domestic market.
The bank posted Wednesday a net profit of 170 million euros ($192 million), compared with a record 15 billion-euro loss in the fourth quarter of last year, when it made huge writedowns on soured investments to clean up its balance sheet.
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CEO Federico Ghizzoni says the bank has "successfully completed the turnaround in Italy," noting it had achieved the forecast 2-billion-euro full-year net profit. The Italian commercial bank was the strongest contributor with higher revenues and cost cutting.
For the quarter, UniCredit revenues were up just under 1 percent to 5.6 billion euros, with interest income flat and a slight increase in fees and commissions.