Today the Board of Directors of UniCredit approved 3Q15 results.
Group net profit reaches €507 m in 3Q15, above €1.9 bn in 9M15 excluding c. €400 m of non-recurring items related to new systemic charges, impairment related to Ukrsotsbank and higher LLP for CHF loans conversion in Croatia. RoTE at 5.0% in 9M15 (6.2% excluding non-recurring items).
CET1 ratio transitional pro-forma is resilient at 10.53% (+1bps Q/Q) and reaches 10.93% including Pioneer-Santander AM (SAM) JV. Tier 1 ratio transitional pro-forma at 11.43% and Total Capital ratio transitional pro-forma at 14.20%. CET1 ratio fully loaded pro-forma improves to 10.53% with a significant capital generation of +16bps Q/Q (CET1 ratio fully loaded pro-forma at 10.78% including Pioneer-SAM JV). Basel 3 Leverage ratiotransitional pro-forma at 4.62% and fully loaded pro-forma at 4.38% (at 4.78% and 4.47% respectively, including Pioneer-SAM JV).
Group asset quality improvement continues to accelerate in 3Q15, with gross impaired loans further down to €80.7 bn (-1.3% Q/Q). Gross bad loans reduce by -1.3% Q/Q, mainly supported by continued disposals. Other gross impaired loans further shrink by -1.2% Q/Q, mainly due to higher collections. UniCredit's coverage ratio on gross impaired loans stable at 51.0%, among the highest in the Italian banking sector.
The Core Bank recorded a sound level of fees and commissions at €5.8 bn in 9M15 (+4.6% 9M/9M) with investment services as main contributor with €2.8 bn in 9M15 (+11.2% 9M/9M). Positive net sales generation from managed products (AuM contributed positively with €24 bn 9M/9M).
Remarkable new origination in commercial banks with new medium-long term lending strongly up at €23.3 bn in 9M15 (+38.0% 9M/9M) driven by both corporates and household mortgages.