Unicredit posts lower profit in Slovenia in Q1

Ljubljana, 09 May (STA) - Italian banking group Unicredit posted a consolidated profit of EUR 8 million in the first quarter of the year in Slovenia, down more than 6% over the same period in 2018, shows the group's business report released on Thursday.

Net interest revenue increased by 0.6% to EUR 11 million, whereas fees and commissions rose by as much as 17% to EUR 7 million.

The pre-tax profit of the group's Slovenian businesses dropped by 4.8% to EUR 10 million and net operating profit by 1.6% to EUR 13 million.

Lower net profit was attributed to impairments to the tune of EUR 2 million and to a 20.1% drop in profit from trading in securities.

The entire group finished the first three months with EUR 5 billion in revenue, down 3% from the same period last year.

The group's net profit, on the other hand, rose by 1.5% to EUR 1.1 billion, the highest in the last decade.

On 1 June, Unicredit Banka Slovenija will get a new director general, as Marco Esposito replaces Stefan Vavti pending approval from the ECB.