Fabrizio Palenzona has resigned from the Unicredit board of directors to allow for the unanimous co-optation of Fabrizio Saccomanni. The board of piazza Gae Aulenti he therefore considered that the former Treasury minister represents "the ideal candidate" for the office of president, which he could occupy in the next three-year mandate of the board of directors, from 2018 to 2021, replacing the outgoing president Giuseppe Vita. This can be read in a note released by Unicredit.
Saccomanni has been co-opted for now as a non-executive director, office that he will hold until the next shareholders' meeting in December, called to approve the 2017 financial statements and to renew the entire board of directors of Unicredit .”As president of the group I am honored to welcome Fabrizio Saccomanni within our board of directors – says the president Giuseppe Vita -. Saccomanni boasts extraordinary experience in the banking sector and a deep knowledge of the European regulatory context together with a large network of international relationships from which the bank will be able to benefit. We are honored to be able to make use of his contribution and his active participation in the definition of the next board of directors of the bank ”.
UPDATE NOVEMBER 9 AT 7.30
Unicredit closed the third quarter with an adjusted net profit of €838 million, up 87% year-on-year, result adjusted for the sale of Pioneer (€2,1 billion) and a non-recurring cost of €80 million recorded in non core2, supported by the first results of transform 2019. Net profit accounting at 2,8 billion.
I revenues they stood at 4,6 billion (-8,5% on a quarter, -3,9% on a year), due to seasonal factors and the drop in trading due to an unfavorable sector scenario.
Il interest margin reached €2,5 billion (-2,4% QoQ excluding the non-recurring component of 2Q17 in German commercial banking, equal to €90 million), with the positive contribution of deposit rates and term funding, partially offset by effects deriving from the decline in spreads and average loan volumes. Forecast for 2017 confirmed at 10,2 billion.
Commissions at €1,6 billion, down 7,9% on a quarter due to seasonal factors and up 4,2% on a year thanks to investment and transactional services fees.
I operating costs recorded a further reduction to 2,8 billion (-1,6% on a quarter, -4,3% on a year) thanks to lower personnel expenses. Cost/income ratio (c/i) at 60,5% (+4,2% on quarter, -0,3% on year).
Le credit adjustments they reached 598 million (+6,0% on quarter, -38,8% on year) and cost of risk (cor) at 53 bp. Rote adjusted to 6,8%.
“All of this testifies that our Transform 2019 plan is generating tangible results and confirms the sustained trend of the business at group level – commented the CEO of Unicredit, Jean Pierre Mustier – Thanks to the decisive measures taken in the last 12 months and the relaunch of our networks, we are seeing a vigorous commercial momentum in all divisions, with a growth of 423.000 customers and with new loans of €52 bn since the beginning of 2017. UniCredit boasts a high fully loaded CET1 ratio of 13,81 per cent thanks to the sale of Pioneer and organic earnings generation. Balance sheet de-risking continues, with net NPLs currently standing at €22,3 billion, close to our target of €20,2 billion in 2019. The NPL coverage ratio remains solid at 56,5 per cent. The reduced cost of risk came in at 53bps for the quarter and we estimate it to be in the range of 55-60bps for the full year. The progress of Transform 2019, thanks to the commitment of all UniCredit employees and the speed with which we are implementing the changes, is amply confirmed by the improvement of UniCredit SpA rating by S&P to BBB with stable outlook”.
