Unicredit Q4 earns down 13 percent

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Posted: Mar 23, 2011 4:27 AM
Unicredit Q4 earns down 13 percent

Unicredit, Italy's largest bank, says net profit in the fourth quarter of 2010 fell by 13 percent on the same period the year before largely because of unfavorable interest rate developments and higher provisions for bad loans.

Unicredit SpA reported Wednesday net income of euro321 million ($456 million) against euro371 million a year earlier.

The bank generated full-year 2009 profit of euro1.3 billion, down 22 percent from a year earlier.

The bank said 2009 results reflected a better interest rate environment and higher trading income.

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MILAN (AP) _ Unicredit, Italy's largest bank, says net profit in the fourth quarter of 2010 fell by 13 percent on the same period the year before largely because of unfavorable interest rate developments and higher provisions for bad loans.

Unicredit Spa reported Wednesday net income of euro321 million ($456 million) against euro371 million a year earlier.

The bank generated full-year 2009 profit of euro1.3 billion, down 22 percent from a year earlier.

The bank said 2009 results reflected a better interest rate environment and higher trading income.