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UniCredit: 1Q13 Group Results

14.05.2013

Net Profit €449 million in 1Q13, sustained by strong NOP growth

GOP up 9.7% Q/Q with resilient core revenues (+0.4% Q/Q)

New gross flows to impaired loans in Italy slowing down Q/Q and Y/Y

  • Net Profit back to a positive €449 million, with revenues up and loan loss provisions down to a lower level; Western Europe grows significantly, with positive contribution to bottom line
  • Revenues materially increasing by 5.6% Q/Q net of buy-backs; Net Interest resilient (-0.6% Q/Q) thanks to effective re-pricing actions on deposits and despite decreasing loans, 1Q13 fees up (+2.1% Q/Q) and buoyant trading income (+125.5% Q/Q net of buy-back)
  • Strict control on Other Administrative Expenses (-3.1% Q/Q) confirms efforts to contain costs; Staff Expenses increase by +5.5% Q/Q, but are down by 1.4% excluding extraordinary items. Overall, Operating Costs down by 1.8% Y/Y, supported by a yearly reduction in FTE of almost 4,000
  • Slowdown of credit deterioration in Italy: new flows to impaired loans down for the second quarter in a row and below 1Q12. 1Q13 LLP back to a lower level after an exceptionally high 4Q12 impacted by coverage enhancement in Italy
  • Balance Sheet Management: bonds buy-back in April 2013 resulting in a gain of circa €258 million to be booked in 2Q13; sound capital position confirmed with CT1 ratio at 11.03%
  • Western Europe soundly contribute to revenues generation (+10.1% Q/Q; core revenues +2% Q/Q); the new perimeter of Commercial Bank Italy reached break even with lower cost of deposits; outstanding performance of Asset Gathering with €2.1 billion net inflows, and of Pioneer, with €2.5 billion non-captive net inflows; Return on Allocated Capital in CIB at 17%
  • Continuing business refocusing: sale of Kazakh operations finalized; signed sale of insurance businesses in Turkey and subsequent commercial agreement with Allianz; CIB run-off portfolio - €7.7 billion on a yearly basis; customer loans in CEE & Poland +2,5% Q/Q

1Q 2013 Key Figures

  • Group Net Profit: €449 million, up by 2.8% Y/Y net of buy-backs[1] and versus a loss of €124 million in 4Q12
  • Revenues: €6.1 billion (-5.2% Y/Y, +5.6% Q/Q net of buy-backs)
  • Operating Costs: €3.8 billion (-1.8 % Y/Y, +2.1% Q/Q)
  • Cost/Income ratio at 61.8% (+2.1 p.p. Y/Y and -2.2 p.p. Q/Q net of buy-backs)
  • Gross Operating Profit: €2.3 billion (-10.1% Y/Y and +11.8% Q/Q net of buy-backs)
  • Loan Loss Provisions: €1.2 billion (-9.3% Y/Y and -73.3% Q/Q)

The Board of Directors of UniCredit approved the 1Q13 results on May 10th.

Federico Ghizzoni, CEO of UniCredit, said: "In the first quarter of 2013, UniCredit had a Net Profit of €449 million, thus confirming the ability to improve profitability despite a still challenging macroeconomic environment, mainly in Italy. This satisfactory performance was thanks to increasing revenues, normalized loan loss provisions, a buoyant trading income and the continuous implementation of the Strategic Plan actions. The new Group organizational structure is starting to show the first positive results and the focus on cost containment and business refocusing in the CEE continue. UniCredit's model of large commercial bank, based on a strong capital position and a solid international dimension, allows us to play an increasingly important role in Europe to support the real economy, households and enterprises. The bulk of the growth of net profit took place in Western Europe. In Italy, for the second quarter in a row, the new flows to impaired loans decreased".

You are welcome to view the full version of the press-release (in English) via the link

 

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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