Newspaper article International New York Times

Italian Bank Weathers Its Ties to Russia

Newspaper article International New York Times

Italian Bank Weathers Its Ties to Russia

Article excerpt

Italy's largest bank said net profit rose 11 percent in the second quarter from the period a year earlier, helped by an increase in loans to businesses and home buyers.

Escalating sanctions against Russia have yet to interfere with profits for at least one European bank with major operations there.

UniCredit, Italy's largest lender, said Tuesday that net profit rose 11.6 percent in the second quarter, in part because its Russia unit continued to boom despite political tensions.

Russia provided more than a quarter of UniCredit's profit from April through June, the bank said Tuesday. Total net profit for UniCredit, based in Milan, came to 403 million euros during the second quarter, or about $539 million, compared to EUR 361 million in the period a year earlier.

"We don't see an immediate impact" from sanctions imposed on Russia by the United States and the European Union, Federico Ghizzoni, the chief executive of UniCredit, said during a conference call with analysts. On the contrary, he said, loan issuance and revenue continued to grow briskly. …

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