MILAN, March 20 (Reuters) - UBI Banca, Italy's fifth largest bank, posted an over threefold increase in net profit in 2009, beating analyst estimates, but said the economic outlook remained uncertain.
In a statement on Saturday the cooperative bank said net profit came in at 270.1 million euros, against a Thomson Reuters I/B/E/S mean estimate for 255 million euros, and up from 69 million euros in 2008.
Stripping out non-recurring items, including asset sales, profit for the year was 173.4 million euros, it added.
The bank is proposing a 2009 dividend of 0.30 euros per share, against an analysts' mean estimate of 0.29 euros. In 2008 it paid a dividend of 0.45 euros.
The outlook for the current year indicated very slow economic growth, the bank said, adding it will not update its business plan until the outlook is less uncertain.
UBI said net loan impairment losses in 2009 amounted to 865.2 million euros from 566.2 million euros the previous year, including a writedown of 56.5 million euros on its lending to Mariella Burani Fashion Group which was declared insolvent this week.
The bank said its core Tier 1 ratio of 7.43 percent, from 7.09 percent end-2008, did not include a further potential strengthening of over 70 basis points that could come from conversion of a convertible bond issued in July last year.
(Reporting by Stephen Jewkes; editing by John Stonestreet)
((stephen.jewkes@thomsonreuters.com; +39 02 6612 9695; Reuters Messaging: stephen.jewkes@reuters.com@reuters.net)
Keywords: UBIBANCA RESULTS/
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
In a statement on Saturday the cooperative bank said net profit came in at 270.1 million euros, against a Thomson Reuters I/B/E/S mean estimate for 255 million euros, and up from 69 million euros in 2008.
Stripping out non-recurring items, including asset sales, profit for the year was 173.4 million euros, it added.
The bank is proposing a 2009 dividend of 0.30 euros per share, against an analysts' mean estimate of 0.29 euros. In 2008 it paid a dividend of 0.45 euros.
The outlook for the current year indicated very slow economic growth, the bank said, adding it will not update its business plan until the outlook is less uncertain.
UBI said net loan impairment losses in 2009 amounted to 865.2 million euros from 566.2 million euros the previous year, including a writedown of 56.5 million euros on its lending to Mariella Burani Fashion Group which was declared insolvent this week.
The bank said its core Tier 1 ratio of 7.43 percent, from 7.09 percent end-2008, did not include a further potential strengthening of over 70 basis points that could come from conversion of a convertible bond issued in July last year.
(Reporting by Stephen Jewkes; editing by John Stonestreet)
((stephen.jewkes@thomsonreuters.com; +39 02 6612 9695; Reuters Messaging: stephen.jewkes@reuters.com@reuters.net)
Keywords: UBIBANCA RESULTS/
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
