Reserve release fluffs UniCredit's Q1 income
Settlement of sanctions violation boosts profits, CET1 ratio
UniCredit was helped to its best first quarter in a decade by the release of €320 million ($359 million) of legal provisions freed up after a settlement with US authorities over Iran sanctions.
The Italian bank posted net profits of €1.4 billion at end-March, up 25% year-on-year. The sale of real estate assets also plumped first-quarter earnings by €258 million. But total revenues dipped 3% year-on-year, to €5 billion.
European Union levies, including mandatory payments to the Single
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