UniCredit: posts first-quarter loss on non-operating costs

(CercleFinance.com) - UniCredit on Wednesday posted a net loss of 2.
7 billion euros for the first quarter as the Italian lender incurred heavy non-operating costs.

As previously announced, UniCredit made a provision of 1.3 billion euros, due to high integration costs in Italy in the wake of its latest strategic plan, along with a charge of 1.7 billion euros on Turkey's Yapi transaction.

Following the coronavirus lockdown, the bank recently decided to book an additional 902 million euros as a loan loss provision.

In its statement, UniCredit said its commercial performance for the first two months of the year was "very strong", before the Covid-19 impact started to become visible in March.

These comments were weel-received by investors, with the Milan-listed shares trading 0.4% higher in morning trading.

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