Unicredit suffers trading knock in Q3

Italian bank Unicredit sees Q3 earnings fall 39 percent as trading profits take a hit

Associated Press

MILAN (AP) -- Unicredit SpA, Italy's largest bank by assets, says its third-quarter profits dropped 39 percent largely on the back of falls in its interest income and profits from its trading activities.

The bank reported net profit of 204 million euros ($273 million) in the quarter compared with 335 million euros during the same period of 2012. Revenues were down 8.5 percent to 5.7 billion euros.

The bank said operations in central Europe, particularly Poland, drove profits, while the bank continued its focus on containing costs. Its loan loss provisions dropped 10.6 percent to 1.6 billion euros. The bank's Core Tier 1 ratio, a measure of health, was 11.71 percent, above European requirements

CEO Federico Ghizzoni said it was "important," Unicredit had maintained a profit "in a particularly challenging third quarter."

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