UniCredit Bank Austria Profit Drops on Goodwill, Greece Charges

UniCredit SpA (UCG)’s Bank Austria unit, which owns the Italian lender’s eastern European business, said profit declined by 71 percent last year as it wrote down its Kazakh and Ukrainian banks and posted losses on Greek bonds.

Net income fell to 209 million euros ($279 million) in 2011 from 709 million euros a year earlier due to the charges, most of which were reported in the third quarter. The bank didn’t provide fourth-quarter results. Parent UniCredit yesterday said fourth-quarter profit dropped 65 percent.

To contact the reporter on this story: Boris Groendahl in Vienna at bgroendahl@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.