Reports
Unicredito Sees Strong Private Banking Results

Italy’s biggest private banking business, UniCredito Private Bank, reported strong profit growth in the first nine months of 2005. Net profi...
Italy’s biggest private banking business, UniCredito Private Bank, reported strong profit growth in the first nine months of 2005. Net profit at the private banking and asset management division of the Italian bank grew by 32.2 per cent year-on-year in the first nine months to €308 million ($362.1 million). Total revenue grew by 16.1 per cent year-on-year to €983 million, which was led by growth in net commissions (19 per cent) and net interest income (11.1 per cent). The division managed or administered €203.3 billion of financial assets, a 17.7 per cent rise on the end 2004 figure. Unicredito’s Pioneer Investment Management comprises the majority of the funds under management. The increase in total assets was also the result of net inflows since the beginning of the year in all the division’s business units, the bank said in its results statement.