MILAN: UniCredit SpA reported its biggest loss in more than three years as provisions related to the coronavirus added to the pain of one-off costs for job cuts and the writedown of its Turkish unit.
The net loss totalled €2.71bil (US$2.94bil), as loan-loss provisions climbed to €1.26bil, the Milan-based bank said yesterday. About €900mil was set aside specifically to deal with the impact of the virus. The lender’s main business was resilient in the first quarter, with income from fees and lending beating estimates.