By Pietro Lombardi 
 

UniCredit SpA (UCG.MI) said Tuesday that its second-quarter net profit rose, supported by lower operating costs and net write-downs on loans and provisions.

Net profit for the period was 1.02 billion euros ($1.18 billion), compared with EUR945 million a year earlier.

Operating income fell roughly 4.3% on year to EUR4.95 billion, as net interest income and trading income decreased.

Operating expenses stood at EUR2.66 billion compared with EUR2.86 billion a year earlier.

Net write-downs on loans and provisions declined almost 24% to EUR504 million in the quarter.

"The UniCredit team has delivered another very solid set of results in the first half of 2018 despite a more challenging market and geopolitical context. We remain confident in the European and Italian economy and their strong underlying fundamentals," Chief Executive Jean Pierre Mustier said.

 

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

 

(END) Dow Jones Newswires

August 07, 2018 01:35 ET (05:35 GMT)

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