- Soros: China Influence to Grow Faster than Most Expect
- Top China Banker Calls for US Sales of Yuan Bonds
- Why Home Prices May Keep Falling For Some Time
- Stimulus Watch: In Jobs, What's Stability Worth?
- Investors Watching the 'Recovery Trade'
- Obama Renews Emphasis on Budget Cuts, Economy
- May Was Good to Hedge Funds—But How's The Future?
- Brazil Recovers More Bodies From Air France Crash
- "Up" Retains Altitude, Tops Box Office Again
- Warren Buffett Kicks Butt In Battle of the Boots
- Mad Mail: More Shameful CEOs?
- Lightning Round: Wells Fargo, Pfizer, Chesapeake Energy and More
- Lightning Round OT: Caterpillar, Quality Systems and More
- Cramer’s Spec Stock of 2009
- Cramer’s Tech Specs: Broadcom
- Cramer: Why 9.4% Unemployment Is Good
- Your First Move For Monday June 8th
- Web Extra: Trading Goldman Sachs
Text Size 
Italian bank UniCredit posted a 58 percent drop in first-quarter net profit on Wednesday, in line with analysts' forecasts, and improved its performance on trading income and cost cuts from a quarter ago.
Net profit matched the 447 million euro ($609 million) average forecast in the bank's poll of 26 analysts.
Operating profit was 2.74 billion euros, up 27 percent from the year before, and up 52 percent from the fourth quarter of 2008, the bank said in a statement.
The improvement over the previous quarter stems from greater revenues, with a net trading loss of 93 million euros, compared with a loss of 1.26 billion euros in the fourth quarter.
Operating costs fell 6.4 percent from the fourth quarter on a like-for-like basis, the bank said.
The bank's Core Tier 1 capital adequacy ratio slipped to 6.4 percent from 6.5 percent at the end of 2008.
UniCredit has a price/earnings ratio of 19.34 for estimated 2009 earnings, in line with the average for the Italian sector.
Shares in Unicredit closed 7.7 percent lower in Milan, Italy.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes