UBI Posts Wider Quarterly Loss Than Expected on One-Time Charges
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Unione di Banche Italiane SpA, Italy’s fifth-largest bank, swung to a loss in the second quarter on higher bad-loan provisions and restructuring costs.
UBI reported a net loss of 829 million euros ($917 million) compared with a profit of 49 million euros a year earlier, the Bergamo-based bank said in a statement on Friday. The average estimate of seven analysts surveyed by Bloomberg was for a loss of 700 million euros.