UniCredit reports 69% decrease in profit for 2013
The Hungarian unit of Italy-based UniCredit reported after-tax profit of HUF 6.45 billion for 2013, a whopping 69% year-on-year decrease from ’12. UniCredit Bank’s cost-to-income ratio climbed to 65% from 53% during the period, mainly because of sectoral taxes, according to the institution.
Consolidated total assets rose 6.8% to HUF 1.770 trillion. Gross stock of loans fell 4% to HUF 1.013 trillion, while stock of deposits rose 4.4% to HUF 1.067 trillion.
UniCredit bank said the National Bank of Hungary’s Funding for Growth scheme had moderated the decline in lending by supporting outlays to SMEs.
The bank’s net loan-to-deposit ratio stood at 85% at year’s end, down from 94% at the end of 2012.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.