UniCredit: profit up; strategic plan ahead of schedule

(CercleFinance.com) - Italy's UniCredit said it has achieved all its targets in 2017, and also confirmed its targets set as part of its "Transform 2019" strategic plan.


The bank's full-year net operating profit came in at 5.7 billion euros, up 74% year-on-year, thanks to strong commercial dynamics in all divisions.

Fourth-quarter net profit of 801 million euros came as the group's best fourth quarter figure for the past decade.

UniCredit said that the "Transform 2019" plan is running ahead of schedule, with annual costs already down 4% in 2017.

The bank said its fully loaded core tier 1 ratio - a measure of financial strength - stood at 13.6%, taking into account the 13 billion euro rights issue it carried out last year.

Shares in UniCredit were up 2.3% after these results.

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