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Press Release :: UniCredit Group
The Board of Directors of UniCredit approved the consolidated results for the first nine months of 2010 which show the Group’s portion of net profit at €1,003 million (€1,165 million net of goodwill impairment posted by the Kazakhstan subsidiary in second quarter 2010), €334 of which in the third quarter. The Group’s quarterly results stand out for the stability of the operating income (unchanged QoQ), cost control (-0.7% QoQ) and the drop in loan loss provisions (-4.8% QoQ).
Operating income reaches €19,793 million in the first nine months of 2010, a drop of 7.9% YoY on a constant currency and perimeter basis), and €6,494 million in third quarter 2010, in line with the €6,493 million recorded in the prior quarter. The evolution QoQ reflects the recovery in net trading, hedging and fair value income, which offsets the seasonality of net commissions and dividends, as well as a slight drop in net interest income.
Net interest amounts to €11,814 million in the first nine months of 2010 (-12.1% YoY on a constant currency and perimeter basis), reflecting an unquestionably less favourable interest rate environment. In the third quarter net interest reaches €3,919 million, down with respect to the €3,977 million recorded in the second quarter, attributable above all to a lower contribution from trading related interests and a greater cost of funding due to the issue of subordinated notes in the third quarter.
Net commissions amount to €6,417 million in the first nine months of 2010, a noticeable increase (+11.2% on a constant currency and perimeter basis) with respect to the €5,666 million reported in the same period of the prior year, confirming the good recovery of the asset management activities, as well as the satisfactory performance of the other commission items. Net commissions in third quarter 2010 amount to €2,038 million, a decrease with respect to the €2,209 million recorded in the prior quarter explained, above all, by the seasonal slowdown in commissions from investment management services which, typically, decline in the summer months. At September 30th 2010, the volume of the assets managed by the Group’s Asset Management Division amounts to €185.0 billion.
FIRST NINE MONTHS OF 2010:
Third Quarter 2010 Results (PDF, 110 Kb).
Source: UniCredit Group
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