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UniCredit second quarter net profit falls on higher charges, provisions

UniCredit second quarter net profit falls on higher charges, provisions
FILE PHOTO: Unicredit bank logo is seen on a banner downtown Milan, Italy, May 23, 2016. REUTERS/Stefano Rellandini/File Photo   -   Copyright  Stefano Rellandini(Reuters)
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MILAN (Reuters) – Italy’s biggest bank UniCredit <CRDI.MI> said on Tuesday its net profit in the second quarter fell 13.3 percent on an adjusted basis due to higher charges and provisions.

Profits in the period came in at 1.024 billion euros (£927.43 million). Analysts had looked on average for a second-quarter net profit of 975 million euros according to a consensus of 25 brokers provided by the bank.

The group’s fully loaded CET1 ratio – a sign of financial strength – came in at 12.51 percent, down from the 13.06 percent at the end of March.

(Reporting by Stephen Jewkes, editing by Giulia Segreti)

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