UniCredit close the 2014 financial year with a net profit of 2,008 billion euros, against the maxi loss of 13,9 billion euros in 2013, due to the budget cleaning operation. The figure is in line with the consensus of analysts (which indicated an estimate of 2,017 billion). Operating income fell by 2014% in 3,5 to 22,513 billion, compared to 23,335 billion in revenues in 2013.
The BoD will propose to the shareholders the distribution of a scrip dividend (i.e. a dividend in shares but also payable in cash upon request) of 12 eurocents per share, higher than the 10 cents referring to 2013 and in line with analysts' expectations. The Cet1 ratio transitional stood at 10,41% and the fully loaded one at 10,02%. Tier 1 at 11,26%.
Just in fourth quarter 2014, the group's net profit was equal to 170,4 million (-76,4% on the previous quarter) and revenues were 5,6 billion (+0,8% on the previous quarter and -3,4% years per year).
After the dissemination of these numbers, the Unicredit share on the Stock Exchange accelerated downwards by 3%, with a minimum reached 5,25 euros. This is the worst performance on the Ftse Mib.
As regards the revenues 2014, those from trading fell by 37,8% to 1,557 billion and dividends and other income from equity investments fell by 17,7% to 794 million, while the interest margin improved by 1,1% to 12,442 billion and net commissions grew by 2,9% to 7,572 billion. The group's operating costs fell by -2,9%.
Basically stable i gross non-performing loans, to 84,4 billion (+1,1%). The provisions on loans stood at 4,3 billion.
Lire 13,2 billion were disbursed during the year new medium-long term loans (+64%). The reduction in non-core gross loans stood at €10,3 billion since December 2013, exceeding the target of €75,2 billion.
Il funding plan 2015 of UniCredit has been executed to date for approximately €2,6 billion, equal to 10% of the total. At the Tltro auctions in September and December, the group obtained 10,1 billion. The request for additional funds in the next six auctions, the press release reads, "is currently under evaluation". To date, UniCredit has repaid Ltro for €24,9 billion and the remaining €1,2 billion will be repaid “within the first quarter of 2015”.
