The Russian banking business of the Italian group UniCredit made a profit of 98 million euros in the first quarter of 2023, according to the group’s report. A year earlier, for the same period, the organization recorded a loss of 916 million euros.
At the same time, the total revenue of the Russian segment decreased by 3% and amounted to 276 million euros. During the first three months of the year, the group had about 25 million euros of reserves.
In total, according to the first quarter results, UniCredit’s net profit exceeds €2 billion, an increase of seven times compared to the same period of the previous year. In the group itself, these results are explained by double-digit growth in net income, which was supported by a solid interest margin, as well as by the reduction of costs.
Earlier, the head of the group, Andrea Orchela, noted that the financial institution does not exclude the sale of Russian assets to buyers from countries that the Russian Federation considers “friendly.”
The Russian “daughter” of UniCredit was included in the list of 45 financial institutions that, by decree of Vladimir Putin, are prohibited from conducting transactions with shares and shares of companies from “enemy” countries.
Author:
Natalia Gormaleva
Source: RB
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