UniCredit Group FY 16 financial data: net loss of €11.8 bn

– Net Loss: €11.8 bn. Excluding €13.1 bn one-offs, Group net profit at €1.3 bn.
– Revenues: €18.8 bn (-0.3 per cent FY/FY).
– Total costs: €12.5 bn (+1.5 per cent FY/FY), adjusted cost/income ratio of 58.8 per cent (-3.3p.p. FY/FY).
– Asset Quality: LLP at €12.2 bn (above 100 per cent FY/FY), adjusted cost of risk at 91bp (+8bp FY/FY)
Milan, 9 February 2017: today, the Board of Directors of UniCredit S.p.A approved preliminary 4Q16 and
FY16 results consolidated financial accounts as of December 31, 2016.

After the Board of Directors Jean Pierre Mustier, Chief Executive Officer, UniCredit S.p.A. commented:

“2016 was a pivotal year for UniCredit. We took a number of decisive actions regarding legacy and operational issues to ensure the future success of the Group. We will continue to strengthen our simple Pan-European Commercial Bank business model which benefits from a fully plugged in CIB, whilst continuing to deliver our unique Western, Central and Eastern European network to our 25 million strong client franchise. Transform 2019 is already progressing. Since the beginning of February, our fully underwritten 13 billion euro capital increase was launched, we have signed agreements with our unions
securing the planned 14,000 redundancies between now and the end of 2019, and Project FINO has commenced active execution. The whole Group is fully focused on the successful implementation of our plan. The underlying business held up well in 2016, supported by active cost savings measures and positive inflows, which underlines the strength of the UniCredit brand.”

Sursa: Unicredit statement