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UniCredit Group's 1H14 net profit increased by 37.8% - to the €1.1 bn

06.08.2014

UniCredit Group's net profit at €403 m leading to a 1H14 net profit of €1.1 bn (+37.8% H/H). This is mentioned in Group's quarterly statement.

Total assets broadly stable at €839 bn. Asset quality dynamics confirm the positive trends registered in 1Q14 with gross impaired loans decreasing for the second quarter in a row to €82.4 bn (-0.1% Q/Q). Coverage ratio stands at a level of 51.2% despite the sale of vintage NPL portfolios. Solid balance sheet confirmed with a sound leverage ratio Basel 3 fully loaded at 4.7%, amongst the best in Europe.

Federico Ghizzoni, CEO of UniCredit commented: "The positive results achieved in this quarter confirm the Group’s strong performance, despite the uncertain macroeconomic environment. These results bring us closer to our target of c. €2 bn net profit for 2014... UniCredit confirms itself as one of the most solid banks in Europe: our CET1 ratio fully loaded increases to 10.4% and our leverage ratio Basel 3 fully loaded stands at 4.7%. Geographical diversification remains one of our key strengths. Italy displays increasing profitability and new loan origination increases by over 50% versus first half 2013, confirming our commitment to support the real economy.”

The full version of the Press release (in English) is available at 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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