UniCredit meanwhile reported a larger than expected quarterly loss of €1.18bn ($1.4bn) vs. expectations of a €686mn ($831mn) loss. Annual net profits were at €1.3bn ($1.6bn) helped by lower costs which were down 3%. The numbers were impacted by a goodwill write down of their investment banking business of €878mn ($1.06bn). Net Interest Income (NII) was down 16.1% and the bank’s CET1 ratio stood at 15.08%, sharply higher vs 13.1% end-2019. The CEO Jean Pierre Mustier stepped down and paved the way for the new chief Andrea Orcel. Mr. Mustier said, “UniCredit’s underlying net profit result was impressive given the impact of Covid-19 on all markets and the 5 billion in loan loss provisions taken in 2020”. UniCredit’s USD 8% Perp was higher by 0.35 to 111.8, yielding 4.13%.

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