February 8, 2018 / 6:30 AM / 3 months ago

Italy's UniCredit swings to 2017 profit

MILAN, Feb 8 (Reuters) - Italy’s biggest bank UniCredit said on Thursday its turnaround plan was making progress after it posted a 2017 net profit of 3.7 billion euros ($4.5 billion) net of extraordinary items, from an 11.8 billion euro loss the previous year.

After one-offs including asset disposals, net profit was 5.5 billion euros, just ahead of a 5.2 billion euro analyst consensus provided by the company.

The bank said its fully-loaded core capital ratio stood at 13.02 percent on a pro-forma basis taking account of the introduction of the IFRS9 accounting rule and of a large bad loan disposal carried out by the bank.

It said it estimated the IFRS9 impact would be negative for 78 basis points on its fully-loaded core capital ratio before taxes.

$1 = 0.8146 euros Reporting by Valentina Za, editing by Stephen Jewkes

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