Unicredit will close 2016 with a loss of 11,8 billion euros. This is the estimate communicated by the company in a note released at the end of the board of directors meeting which examined the preliminary results.
The Milanese bank underlines that: "the group has taken into consideration a series of further one-off write-downs of around 1 billion euros, which it expects will be recognized in 2016".
“These one-off items – specifies the institute – mainly derive from a greater devaluation of the quota in the Atlante Fund, of some equity investments and deferred tax assets (DTA) due to temporal differences and from extraordinary contributions to the National Resolution Fund”.
The new write-downs add to the €12,2 billion of non-recurring items already announced on 13 December 2016.
Due to the extraordinary expenses incurred, Unicredit therefore expects to record a loss of 11,8 billion euros. Net of these one-off items, as specified by the bank itself, iThe group's net economic result in 2016 would have been positive.
Il Cet1, which today is not "in line by approximately two percent with the capital requirement applicable as at 31 December 2016", was confirmed above 12,5% in 2019. The deficit will in fact be filled thanks to the subscription of the capital increaseand which, according to forecasts, should end before 10 March. Finally, UniCredit confirms that the preliminary consolidated results for the 2016 financial year will be submitted to the approval of the Board of Directors and communicated on February 9, 2017.
The results come after one very difficult trading day for the Unicredit stock which closed today's session with a red of 5,45%.
