Improvement of the financial results stems not only from the growth of revenues but also from the reduction of operating costs

Profit of the European bank group UniCredit has more than doubled reaching EUR 361 million in the second quarter of the year compared to the same period of last year. The financial results achieved have surpassed the initial forecasts made by analysts. Revenues of the group have increased by 5.5% up to EUR 12.5 billion in the second quarter of the year. Improvement of UniCredit’s financial results stems from the growth of revenues and the reduction of operating costs on an annual basis up to EUR 7.4 billion. Staff costs are down by 3% versus the second quarter of 2012.

“In the second quarter, UniCredit’s Profit increased, confirming the trend of the first quarter, thanks to stronger revenues and the ongoing reduction of operating costs. Net profit is up versus the same period of last year, underlining our capacity to react adequately to this difficult economic environment,” said Federico Gizzoni, Chief Operating Officer of UniCredit. He has also said that in Italy the bank registers an increased lending to companies and households and for a third quarter in a row there is a decrease in bad debt.

Core Tier 1 Capital of the group stands at 11.41%. The original capital shows that the bank is capable of providing sufficient resources for lending, trade in financial instruments, etc. Following the successful capital increase in the beginning of 2012 UniCredit has become the best capitalized bank in Italy and has met the more stringent capital requirements in place for systemically important banks of which UniCredit is part.

Countries from the CEE region together with Poland have very good performance, registering an increase in the revenues of banks from the group by 4.6% in the second quarter of 2013.

More information on the UniCredit 2Q13 Group Results is available here.

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