UniCredit reports 69% decrease in profit for 2013

MNB

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.

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