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UniCredit Group net profit to increase by 165% in 1Q2016


On May 10 the Board of Directors of UniCredit approved 1Q16 results. Federico Ghizzoni, CEO of UniCredit, comments:

"In the first quarter of 2016, we reported a significantly higher net profit versus the previous quarter of above €640 m excluding negative one-off items, despite an extremely challenging financial environment. Our capital ratios confirm the solidity of our Group and our asset quality continues to improve: impaired loans continuously decrease, net bad loans are stable with a coverage ratio above 61%, the highest among Italian banks. The business performance is more than satisfactory, as reflected in the growth trend of loans and deposits. In particular, the increase in investment fees in Italy is extremely positive. UniCredit is highly committed to support the economy in all its geographical constituencies: new loans origination reached €15 bn in the first quarter. UniCredit's pan-European footprint is a key strength ensuring steady business growth. The implementation of our Strategic Plan is on track: we already achieved tangible results in terms of cost reduction and we are progressing well in the digital transformation of the bank."

Group’s results in 1Q16:

  • Group net profit reaches €406 m in 1Q16 and stands above €640 m excluding non-recurring items related to restructuring charges in Austria and Italy;
  • Net operating profit registers a strong performance at €1.4 bn (+44.4% Q/Q; +5.9% Y/Y);
  • CET1 ratio fully loaded pro-forma is stable at 10.85% (-9bps Q/Q, +75bps Y/Y). Tier 1 ratio transitional pro-forma at 11.36% and Total Capital ratio transitional pro-forma at 13.98%;
  • Commercial deposits increase by €6.0 bn to €393.5 bn (+1.5% Q/Q, +9.7% Y/Y).


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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