November 8, 2018 / 6:28 AM / 13 days ago

Italy's UniCredit hit by writedown on Turkish unit's stake in Q3

MILAN, Nov 8 (Reuters) - Italy’s biggest bank UniCredit missed third-quarter profit expectations after booking an 850 million euro ($971.72 million) writedown on its stake in Turkish bank Yapi Kredi.

Third-quarter net profit came in at 29 million euros. Analysts had been looking for a 907 million euro profit based on a consensus provided by the company. Net interest income and fees were in line with expectations.

The bank’s core capital ratio fell to 12.11 percent on a fully-loaded basis down from 12.51 at end-June. ($1 = 0.8747 euros) (Reporting by Valentina Za)

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