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)