Quarterly profit of UniCredit increased 2 times


UniCredit SpA, the largest Italian bank, reported a 2-fold profit growth in the fourth quarter of 2018. Net profit for the quarter rose 2.2 times to 1.73 billion euros from 801 million euros a year earlier. Adjusted profit increased by 20% to 0.84 billion euros. Revenue for the IV quarter fell by 1% to 4.86 billion. Analysts had expected a profit of 719 million euros, and revenues of 4.87 billion euros. Interest income increased by 0.4% to 2.8 billion euros, UniCredit reports. The fees received by the bank decreased by 1.4%. The bank reduced operating expenses by 2.7% to a mark of 2.7 billion euros. At the end of 2018, UniCredit's profit grew by 13% and reached 6.4 billion euros. UniCredit expects to earn 19.8 billion euros in 2019 and make a profit of 4.7 billion euros.

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