Unicredit - 1Q16 net profit of €406m ($462m), down from €512m ($583m) YoY, due mainly to restructuring costs in Italy and Austria which were €259m ($295m) higher than expected. The results may provide welcome relief for its CEO Federico Ghizzoni who is facing investor discontent and talk of possible management changes due to a weak share performance and lower earnings than Intesa Sanpaolo.
Unicredit - 1Q16 net profit of €406m ($462m), down from €512m ($583m) YoY, due mainly to restructuring costs in Italy and Austria which were €259m ($295m); however, it beat forecasts due to lower costs and falling loan loss charges. The results may provide welcome relief for its CEO Federico Ghizzoni who is facing investor discontent and talk of possible management changes due to a weak share performance and lower earnings than Intesa Sanpaolo.