Unicredit records a net profit of 712 million (+58,8% y/y) equal to a RoTE of 7%, and for the first time since the beginning of the crisis (2008) highlights, in the first quarter of 2014 of which are published today the accounts, a decrease in gross impaired loans (-1,1 billion euro or -1,3% Q/Q) and a coverage ratio still equal to 52,4%, the highest among Italian banks and among the best in Europe. Revenues are at €5,6 bn (-3,6% Y/Y, -3,3% Q/Q) while EBITDA decreases to €2,1 bn (-6,4% Y/Y, +2,2 .XNUMX% Q/Q).
The balance sheet of the piazza Cordusio bank shows assets up by €841,6 billion (+1,7% Q/Q), tangible shareholders' equity of €42,1 billion (+1,8% Q/Q ), Leverage Ratio (18,4x) and Funding Gap (32,2 bn) stable. The Funding Plan implemented to date is equal to 36%. The net profit of the Core Bank instead turned out to be 1 billion net, thanks to the substantial stability of revenues and falling costs, supported by the contribution of Commercial Bank Italy, the best among the divisions.
Federico Ghizzoni, Chief Executive Officer of Unicredit commented as follows: “The important results achieved in the first quarter confirm the validity of the strategy adopted and indicate that the Group is proceeding in the right direction. The net profit target of around 2 billion that we set ourselves for 2014 is closer. Based on the lines of the strategic plan, we are working with determination in all divisions and in all geographies to pursue sustainable profitability through a business model close to the needs of our customers. Thanks to the growth in revenues and a structural reduction in costs, Italy also recorded a positive result and contributed significantly to the Group's profit”.
After the publication of the results the title Unicredit immediately rose to Piazza Affari, exceeding +2% a 6,39 € at 14,15.
