UniCredit 4Q Net Profit Soared on Positive Tax Effect
February 07 2019 - 1:49AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA's (UCG.MI) fourth-quarter net profit soared as the
bank reported an extraordinary positive tax effect.
Net profit for the period was 1.73 billion euros ($1.97 billion)
compared with EUR801 million a year earlier, it said Thursday.
On an adjusted basis, net profit grew 20% on year to EUR840
million.
The bank reported a EUR887 million extraordinary positive tax
effect in the quarter.
Revenue fell 1% on year to EUR4.86 billion.
Analysts had expected a net profit of EUR719 million on revenue
of EUR4.87 billion, according to a consensus forecast provided by
the bank.
Operating costs declined 2.7% and loan-loss provisions rose 11%
in the final quarter of last year.
The bank said it would propose a dividend of EUR0.27 per
share.
"UniCredit has delivered a record performance in 2018, with the
best results in a decade," Chief Executive Jean Pierre Mustier
said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
February 07, 2019 01:34 ET (06:34 GMT)
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