The Italian Bank Austria parent UniCredit earned significantly less in the second quarter than a year ago due to the consequences of the corona pandemic. Unlike in the first quarter, there was no loss. In addition, the surplus was higher than experts had expected. In the three months to the end of June, the bank earned EUR 420 million, 77 percent less than a year ago.
Experts surveyed by Bloomberg, however, had expected an average profit of only 235 million euros. In addition to sharply lower earnings, the significantly higher loan loss provisions caused the slump in earnings, as the bank announced on Thursday in Milan. In the first quarter, the bank posted a loss of EUR 2.7 billion due to special corona charges, a loss-making sale of a stake in Turkey and the cost of job cuts.
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