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UniCredit says posts Q4 net loss of 13.6 bln euros
February 9, 2017 / 1:53 PM / in 8 months

UniCredit says posts Q4 net loss of 13.6 bln euros

MILAN, Feb 9 (Reuters) - Italy’s biggest bank by assets UniCredit said on Thursday it had booked a net loss of 13.6 billion euros ($14.5 billion) in the fourth quarter due to a major clean-up of its balance sheet.

The bank, which this week kicked off a 13 billion euro share sale to bolster its capital base, set aside nearly 10 billion euros in the period to cover for losses on its loan book.

UniCredit said its CET 1 ratio, a key measure of financial strength, fell to 8.15 percent at the end of last year due to the writedowns - below a 10 percent requirement set by the European central Bank. But the ratio will recover and rise to 11.15 percent on a fully-loaded basis once the capital increase is completed, it said.

$1 = 0.9363 euros Reporting by Silvia Aloisi, editing by Valentina Za

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