UniCredit Net Profit Plunges But Beats Forecasts

Italy’s largest bank, UniCredit SPA (BIT:UCG) said its first quarter net profit dropped by half due to lower interest and trading income. Italy’s largest bank by asset reported that net income decreased to 449 million euros from 914 million euros last year, while total revenues were 6.08 billion euros, compared to 7.11 billion euros last year. It was able to reduce the cash reserve for bad loans to 1.2 billion euros, while a key measure of health viz.; bank’s Tier 1 capital ratio rose to 11.03 percent. Nomura equity research in its today’s report highlighted that UniCredit’s net income was…