Italy's UniCredit has a strong focus on 2018

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      UniCredit, Italy's largest bank, closed higher this year, with better-than-expected net profit in the fourth quarter, excluding a one-time increase in non-cash taxes of 877 million euros (781 million).
The bank was forced to forecast a loss of 846 million euros in Yapi Kredi's equity in the last quarter, and the company said its fourth-quarter profit was 1.73 billion euros. Before the positive tax effect of the new accounting principles this year, quarterly profits were 840 million euros, much higher than analysts'average forecast of 693 million euros.
Yapi Kredi's compensation for damages and disputes with U.S. authorities over suspected violations of Iranian sanctions have dragged down year-round performance, but business profits rose by 13% annually in 2018 - the best in a decade.
The bank will launch a new business plan in London on December 3, which will meet its net profit target of 4.7 billion euros in 2019.
UniCredit raised 13 billion from investors to fund balance sheet liquidation in 2017 and said it had further reduced its impairment loan burden in the fourth quarter to 7.7%, the best in Italy.


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