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UniCredit Group expects to gain €2 billion net profit in 2014

12.03.2014

UniCredit presented the Strategic Plan 2013-18 and Group FY13 results on 11 March 2014. According to the plan, Group net profit 2014 is expected at €2 billion and €6.6 billion in 2018.

UniCredit plans to invest €4.5 billion in the years to come and to cut an additional €1.3 billionout of cost base.

"For UniCredit, 2013 was a turning point and we are now poised to further increase our lending and support of the real economy in Italy and in Europe. With the actions announced today, we have further reinforced our balance sheet and finalized the process started in 2010. UniCredit now has by far the highest impaired loan coverage ratio of the Italian banking system and amongst the best in Europe, in line with pre-crisis levels. - said Federico Ghizzoni, CEO of UniCredit. - Today we also announced the launch of our new 2013-18 strategic plan. In 2014 we estimate a net profit around €2 billion, we intend to more than triple this to €6.6 billion in 2018, with a ROTE target of 13 per cent. Our objective is to consolidate our leadership in corporate services across Europe, drive innovation in our retail networks and develop a leading edge digital footprint.”

It should be noted that in order to fulfill such ambitious plans the Group has taken a decision to write off €9.3 billion of goodwill and to form additional loan loss provisions. In the result of such actions net loss 2013 led to €14.0 billion. Together with that such losses don’t have any real cash disbursement impact, and does not have any impact on capital ratios.

 

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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