The Bank Italy between in the heart of the matter. After Banco Popolare, it is the turn of UniCredit to appeal to the Italian Government plan to strengthen its own funds in the amount of EUR 4 billion to the maximum. The Board of Directors of the first Bank of the peninsula by the balance mandated the Director General, Alessandro Profumo, to negotiate the issue of instruments of capital subscribed by the Italy, the Austria, where UniCredit owns Bank Austria up to 2.7 billion, and by investors. As the number two Italian, Intesa, it could decide to operate the Government plan tomorrow.
The pattern of UniCredit extensively explained analysts that this new appeal for funds, wraps it up to here in August, is not intended to fix unrealised losses. "We can go through the descending phase of the economic cycle with our current capital base." But consider the competition. "We want to continue to support the real economy and financial market wants pillows of safety," argued Alessandro Profumo, who receive no bonus for 2008 as the leadership of the group. And drag-them: "other banks have done." Look at the French.
With a program of 4 billion euros, its solvency ratio of "core" Tier-1 would go to 7.2, compared to 6.5 end 2008. Some analysts expected more, 5 to 6 billion. But the Italian boss assured remain above 6 in the worst scenario of "stress tests". The more this European Bank in Central and Eastern Europe 13 percent of its portfolio of loans, included Poland estimates have enough reserves to do not fall into the red for very sharp increase in the cost of the risk in this area. "So far so good." "All the activities have a positive contribution in January and February," said Alessandro Profumo, while recognizing that "2009 will be an easy year" and that the situation could deteriorate in Eastern Europe.
In the meantime, the action has registered a record increase in yesterday ( 19,05, to 1,1553 euros), UniCredit publishing in addition to better results than expected. Net profit fell by 38, to EUR 4 billion, while receiving $ 505 million in the last quarter. Commercial Bank has resisted well. However, the Bank for investment and market plunged into the red, this explains also the 671 million loss recorded by the HVB subsidiary. Bank Austria, for its part, remained recipient. The financial crisis still cost 2.1 billion before taxes in the last quarter. This figure includes impairment losses of shareholdings (Sabadell and LSE) and the goodwill on subsidiaries ATF at Kazakhstan (417 million) and Ukrsotsbank in Ukraine (EUR 333 million), offset by a tax gain of 849 million.
Provisions on loans soared by 50, to EUR 3.7 billion last year, including 1.3 billion in the last quarter, with signs of deterioration in all activities, including Italy and especially Ukraine. The cost of the risk is passed by 44 basis points (0.44 of the outstanding) to 62 points database and 48 to 77 points in Eastern Europe.