Unicredit closed the second quarter with a net profit of 403 million euros. The result scores a growth of 11,6% on an annual basis and beats the consensus of 332 million reported by the Bank's website. The figure for the first six months of the year therefore stands at 1,1 billion, up 37,8% compared to the first half of 2013.
After the disclosure of the accounts, the Unicredit stock on the Stock Exchange travels up by 1,7%, a 6,02 euros, achieving one of the best increases in the Ftse Mib.
“The results bring us closer to thetarget of approximately two billion net profit for 2014 - commented Federico Ghizzoni, managing director of the group - which has become more challenging in the light of the change in the tax on the valuation of the stake in the Bank of Italy, not included in our forecasts”. The market consensus on UniCredit's net profit for the whole of 2014 is 1,89 billion.
As regards the coefficients, at the end of June the Common Equity Tier 1 was equal to 10,4%, calculated pro forma taking into account the IPO of Finecobank and the sale of DAB which will be calculated in the next quarters.
For the second consecutive quarter i non-performing loans gross recorded a decrease: -0,1% compared to the January-March period, to 82,4 billion, with a coverage ratio of 51,2%. The sufferings, on the other hand, grew slightly (+0,6%, to 49,6 billion) with a coverage ratio exceeding 61%. were carried out in the quarter credit adjustments for just over a billion, bringing the year-to-date total to 1,84 billion, down from 2,7 billion in the same period a year ago.
“This quarter's numbers confirm the group's good commercial performance – Ghizzoni added – despite a still uncertain macroeconomic situation. Unicredit confirms itself as one of the most solid banks in the European system, with geographical diversification which is confirmed as a strength. Italy shows a growing net profit and the new loans disbursed are up by over 50% compared to the first half of 2013, testifying to our commitment to supporting the real economy”.
In detail, the profits produced by Unicredit in Italy in the second quarter reached 600 million (+28% annually), while the EEC area plus Poland recorded 400 million. The Bank reports that the performance was "solid" above all in Turkey, Russia, Poland, the Czech Republic and Slovakia.
However, the latest news comes from Germany. Following the agreement reached on 31 July, Unicredit has formalized the sale to Bnp Paribas of 81,4% of the German Dab Bank Ag. At this point, the completion of the transaction is subject to the approval of the competent authorities. The French bank also announced that it intends to launch a public purchase offer through one of its German subsidiaries aimed at the remaining shareholders of Dab Bank Ag at a price of 4,78 euros per share, the same price agreed with Unicredit.
