Milan: Italian lender UniCredit fell to a heavy loss of €13.6 billion ($14.5 billion) in the fourth quarter as its new CEO moved to clean up the bank’s bad loan portfolio and fortify the bank’s financial health.
Italy’s largest bank by assets, UniCredit said Thursday that it incurred €13.2 billion in one-off expenses, which included a previously announced €8.1-billion write-off on bad loans plus other charges including contributions to an Italian fund to save weaker banks.
The loss was in line with analyst forecasts of €13.56 billion, as surveyed by data provider FactSet. The bank said that without the one-offs, the loss would have totaled €352 million, citing lower revenues.
UniCredit said full-year losses totaled €11.8 billion, exceeding forecasts of €10.5 billion.