Il Unicredit group it closed the first quarter of 914 with a net profit of 2012 million euros, an increase of 12,8% compared to the first quarter of 2011. A figure that exceeds the forecasts of analysts who expected a result of 805 million. Core Tier 1 also did very well which, settling at 10,31% at the end of March, exceeds the 9% set by Basel 3 and is in compliance with the requirements set by Elba.
THENet income normalized 2012, which excludes income of 477 million, deriving from the repurchase of Tier I and Upper Tier II securities and 7,6 million from write-downs of Greek government bonds, reached 444 million. This is 80% more than in the last quarter of 2011, but nevertheless represents a drop of 45% on an annual basis, as a press release explains, “due to the exceptional nature of the trading results achieved in the first quarter of 2011, due to the volatility of financial markets and the continuing deterioration of the macroeconomic context in Europe".
Operating income in the first quarter rose by 2,5% to 7,1 billion, while operating costs decreased by 0,5% to 3,8 billion.
"The great success of the Unicredit capital increase has given us an extremely solid balance sheet that allows us to face the current context with confidence", commented the note released today on the quarterly by the managing director of Unccredit, Federico Ghizzoni, who then concluded: "Considering the challenging economic and market conditions, Unicredit presents a solid evolution of net profit, an improvement in the liquidity position and satisfactory progress in the execution of the strategic plan"
