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1Q14 Group Results

  • Strong performance with group net profit 1q14 at €712 m (+58.8% y/y). A remarkable step towards c. €2 bn 2014 target
  • Gross impaired loans down by 1.3% q/q for the first time since 2008
  • CET1 ratio fully-loaded increased to 9.5% and total capital ratio transitional at 14.2%
  • Core bank net profit 1q14 at €1 bn with resilient revenues and declining costs
  • Strong progression of Сommercial Bank Italy in 1q14 with €0.5 bn net profit
  • New lending in Italy revamped with €2.7 bn new loans (+63.2% y/y)
  • Non-core gross loans further down by €2.0 bn (-2.3% q/q). With best in class impaired loans coverage of 53.2%

The Board of Directors of UniCredit approved the 1Q14 results on May 12th. Federico Ghizzoni, CEO of UniCredit commented: "The remarkable results achieved in the first quarter confirm the effectiveness of our strategy and demonstrate that the Group is heading in the right direction. Our target net profit 2014 of around €2 billion is now closer. In line with the Strategic Plan, we are working hard to achieve sustainable profitability across all divisions and geographies through a business model which is close to our сustomers’ needs. Thanks to the growth in revenues and a structural decline in the cost base, also Italy posted a positive result strongly supporting Group’s net profit.

UniCredit reached these results though preserving a sound capital position and a coverage of impaired loans which is the highest among Italian banks and in line with best European peers. For the first time since 2008, the stock of gross impaired loans is decreasing. New loans origination is revamping, mainly in Italy. This allows us to look at the future with confidence, with the belief that we are best positioned to support the economic recovery that is starting to materialise.”

Full version of Group press release is available at the link.



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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