×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: APFN | EU | Italy | Earns | UniCredit

UniCredit Profits up 25 Percent, Best 1Q in a Decade

Thursday, 09 May 2019 04:38 AM EDT

MILAN (AP) — Italy's largest bank by assets, UniCredit, posted its best quarter in a decade, with a 25% boost in first-quarter profits as the bank pushes ahead with a reorganization plan that includes deep cost-cutting.

UniCredit said Thursday that the bank's first-quarter profits were 1.39 billion euros ($1.46 billion), up from 1.1 billion euros a year earlier.

The results were posted a day after the bank announced the sale of a 17-percent stake in its Fineco online banking subsidiary for just over 1 billion euros, as it seeks to boost its financial strength ahead of a new business plan in December.

The bank said revenues dipped as higher loan volumes and rates offset higher funding costs of loans, and that fees were pulled down by lower investment fees.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


GlobalTalk
Italy's largest bank by assets, UniCredit, posted its best quarter in a decade, with a 25% boost in first-quarter profits as the bank pushes ahead with a reorganization plan that includes deep cost-cutting.UniCredit said Thursday that the bank's first-quarter profits were...
APFN,EU,Italy,Earns,UniCredit
128
2019-38-09
Thursday, 09 May 2019 04:38 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved