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UniCredit Group showed EUR 1.7 net profit in 2015

10.02.2016

UniCredit Group net profit reaches €1.7 bn in 2015 and above €2.2 bn excluding cа. €540 m of net non-recurring items mainly related to Strategic Plan restructuring charges, agreement for the disposal of Ukrsotsbank, extraordinary contributions to new systemic charges in Italy and Poland and higher LLP for CHF loan conversion in Croatia.

"Organic capital generation is confirmed with an increase of over 90 bps in 2015 which further strengthens our capital ratios. CET1 fully loaded pro-forma is close to 11%, already above our current regulatory requirements for 2018. UniCredit recorded a net profit above €2.2 bn during 2015, before non-recurring items to implement our Strategic Plan and extraordinary contributions to the rescue of four Italian banks. This is a remarkable result considering the challenging macroeconomic environment in Europe, in particular in the banking sector. The implementation of our Plan is well on track. In recent months, we finalized some important agreements in Austria and Ukraine; at the same time, we are strongly committed to cost reduction. Asset quality is constantly improving, impaired and bad loans are firmly under control with high coverage ratios," – said Federico Ghizzoni, CEO of UniCredit.

Strategic Plan achievements in the first 3 months of implementation:

− the retail and corporate banking franchise is strongly performing with over 32 m clients in 2015 (+1 m FY/FY) and growing market shares in most countries;

− cost reduction is a key pillar of the Strategic Plan. FTE decreases by 3.5k in FY15, while branches shrink by 582 units;

− group streamlining is on track thanks to the agreement for the disposal of Ukrsotsbank and the transfer of CEE subsidiaries progressing well;

− CEE division’s results – two clients out of three choose UniCredit as banking partner in CEE;

− digital transformation – UniCredit has committed €200 m to invest in fintech start-ups; 

− asset quality continues to improve thanks to a capital generation of 92 bps in 2015.

 

NOTE

Ukrsotsbank is one of the largest universal banks of Ukraine, operating in the local market since 1990. The bank offers full range of services to individuals and corporate clients.

The renovated Ukrsotsbank emerged on 31 October 2016 as a result of strategic deal whereby 99.9% of Ukrsotsbank shares have been transferred from UniCredit Group to ABH Holdings S.A. (АВНН) in exchange for a minority 9.9% stake in ABHH. Thus, the bank has combined 26-year-old traditions of Ukrsotsbank’s client-centric attitude, European quality of service inherent to UniCredit, as well as international banking expertise of ABHH in a number of European countries including CIS. Thanks to the successful synthesis and synergy of the two assets of ABHH in Ukraine, Ukrsotsbank and Alfa-Bank, the banking market of Ukraine will see the rise of a new stronger financial institution. This, in turn, will spur up technological advance, increase efficiency, improve quality of service for the clients, reduce cost of banking services whereas their range will inevitably expand.

The extensive retail network of Ukrsotsbank consists of 237 branches, its headcount reaching nearly 5 thousand employees.


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