UniCredit provision outlook takes shine off return to profit
The bank says it is starting to see a recovery in business activity after months of a pandemic-induced lockdown
06 August 2020 - 16:46
Milan — UniCredit indicated that provisions for bad loans may climb in the second half, taking the shine off a return to profit after its biggest loss in three years.
“We will maintain a conservative stance on loan-loss provisions to anticipate the evolution of the credit portfolio,” CEO Jean-Pierre Mustier said on a conference call on Thursday. The bank reduced provisions in the second quarter by 26% to €937m...
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