1. Startpage
2. >
3. News

1. 
2. 
3. 

UniCredit Group consolidated results for first half 2009

CONSOLIDATED RESULTS FOR FIRST HALF 2009 APPROVED: NET PROFIT OF €937 MILLION, OPERATING PROFIT UP 24.6% YoY ON A LIKE-FOR-LIKE BASIS, CORE TIER I AT 6.85%

 FIRST HALF 2009

• Net profit attributable to the Group of €937 million
• Operating profit €6,636 million, +24.6% YoY on a like-for-like foreign exchange and perimeter basis
• Solid performance of commercial banking^[1] continues accompanied by the recovery of Markets and Investments Banking (MIB)
• The Group’s ability to absorb the effects of the difficult macroeconomic situation is confirmed: profit before tax close to €2 billion despite an increase in the cost of risk to 136 bp
• Reduction of total assets, trading activities and risk weighted assets continues
• Core Tier 1 up at 6.85%. Tier 1 at 7.66%

SECOND QUARTER 2009:

• Net profit attributable to the Group of €490 million, an increase of 9.6% QoQ
• Operating income up QoQ at €7,764 million, with strong recovery in net trading income and solid progress in all other components
• Operating costs total €3,868 million with a cost/income ratio below 50% (-8 p.p. QoQ)
• Operating profit €3,896 million, the highest level since second quarter 2007
• Profit before tax shows an increase of 9.2% QoQ

 

The Board of Directors of UniCredit approved the consolidated results for first half 2009 which show a net profit of €937 million (mn), €490 mn of which recorded in the second quarter. Profit before tax rises 9.2% QoQ thanks to a solid operating performance despite an increase in loan provisions which, in line with the macroeconomic conditions, rise to €2,431 mn.

Operating profit in first half 2009 reaches €6,636 mn, €3,896 mn of which reported in the second quarter (an increase of more than €1 billion (bn) QoQ). The improvement of the second quarter with respect to the first quarter is attributable, above all, to an increase in revenues with strong acceleration in net trading, hedging and fair value income, as well as to a rise QoQ in both net interest and net commissions. The focus on efficiency continues with a cost/income ratio that drops below 50% in second quarter 2009.

In both the first and second quarters the solid trend in operating profit reflects how important diversification is for the Group, as the commercial banking activities report solid results (operating profit +0.8% QoQ) and the Markets & Investment Banking (MIB) Division shows a further improvement with an operating profit of €870 mn in second quarter 2009 versus €330 million in first quarter 2009.

UniCredit Group’s operating income, equal to €14,326 mn in first half 2009, rises 7.1% YoY on a like-for-like perimeter and foreign exchange basis, and €7,764 mn in second quarter 2009, an increase of 6.6% QoQ on a like-for-like basis. This result is primarily due to the recovery of net trading, hedging and fair value income but of note is also the growth QoQ of both net interest and net commissions (which begin to rise again after a six quarter declining trend).

In first half 2009 the Net profit attributable to the Group totals €937 mn, a decline compared to the €2,975 mn recorded in the same period of the prior year, which reflects a decidedly more difficult macroeconomic scenario. The quarterly trend, rather, shows improvement with the Net profit attributable to the Group in second quarter 2009 rising from the €447 mn reported in first quarter 2009 to €490 mn.

Total assets amount to €983 bn (€1,028 bn at March 2009), a further decline of 4.4% QoQ which brings the drop from the beginning of 2009 to 6.0% (-€63 billion). Of note is the progress made in reducing the Trading assets, equal to €157 bn at June 2009, €59 bn net derivatives, a drop of €8.3 bn QoQ. There was a decided reduction in net interbank funding in second quarter 2009 which comes in at €50 bn compared to €82 bn at the end of the first quarter (a drop of almost 40% QoQ).

At the end of June 2009, the Group’s organization consists of a staff^[2] of 168,007, a further reduction of 2,725 over March 2009 and of 6,512 over December 2008. The reduction in the first half involves all the main business divisions with the largest decreases in Retail, the CEE area and the Corporate Centre.

The Group’s network at the end of June 2009 consists of 9,974 branches (10,131 at March 2009 and 10,251 at December 2008).

Milan, August 4th, 2009

Investor Relations:
Tel. +39-02-88628715; e-mail: investorrelations@unicreditgroup.eu
Media Relations:
Tel. +39-02-88628236; e-mail: mediarelations@unicreditgroup.eu

Press release of UniCredit Group