UniCredit recently approved its strategic plan for 2013-18 and its results for Group fiscal year 2013 on March 11.
UniCredit brought its cash coverage ratio on impaired loans to 52 percent, making it the highest in Italy and in line with the best European peers. The ratio is also back to where it was before the crisis.
"For UniCredit, 2013 was a turning point and we are now poised to further increase our lending and support of the real economy in Italy and in Europe," UniCredit CEO Federico Ghizzoni said. "With the actions announced today, we have further reinforced our balance sheet and finalized the process started in 2010.
"Thanks to our solid capital position, we have taken clear and transparent decisions following which our CET1 ratio stands well above Basel 3 requirements. Thanks to the additional provisions booked, UniCredit now has by far the highest impaired loan coverage ratio of the Italian banking system and amongst the best in Europe, in line with pre-crisis levels.
"Today we also announced the launch of our new 2013-18 strategic plan. The plan is based on solid fundamentals, a strong risk culture and an improving macro-economic climate. Whilst in 2014 we estimate a net profit around $2.78 billion, we intend to more than triple this to $9.17 billion in 2018, with an ROTE target of 13 percent.
"We are also planning to invest $6.25 billion to grow revenues and to cut an additional $1.81 billion out of our cost base. Our objective is to consolidate our leadership in corporate services across Europe, drive innovation in our retail networks and develop a leading edge digital footprint."
- National Bank of Ukraine removes restrictions on foreign-currency transactions, investment metals
- Black Sea Trade & Development Bank visits Azerbaijan to boost business relationships
- VTB Bank finances three new planes for SunExpress airline
- National Bank of Ukraine makes it easier for businesses to invest abroad
- National Bank of Ukraine eases lending regulations for deposit guarantee funds to other banks
- Black Sea Trade and Development Bank, Russian Federal Corp. for SMEs support business growth
- Oleg Demidov named commercial director for Rosbank Factoring
- Eurasian Development Bank sells bonds on Kazakhstan Stock Exchange
- EY World Entrepreneur of the Year event to name world's top entrepreneur
- ACBA-CREDIT AGRICOLE, Microsoft parter for Armenian digital business technology seminar