UniCredit Swings to Quarterly Loss After Writedowns Increase
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UniCredit SpA, Italy’s biggest bank, plans to revise its financial targets after bad loans tripled to produce the first quarterly loss since 2011.
The fourth-quarter net loss of 553 million euros ($719 million) compared with a profit of 114 million euros a year earlier, the Milan-based lender said in a statement today. That was bigger than the 374.9 million-euro loss estimated by nine analysts surveyed by Bloomberg.