UniCredit expected trading income will be negative for approximately 675 Mill. Euro |
Autor: Bancherul.ro
2008-04-23 18:54 |
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Regarding the statements of the CEO of HVB Wolfgang Sprißler, UniCredit informs that due to the worsening of credit spreads that affected financial markets in the first quarter of 2008, expected trading income of the Group will be negative for approximately 675 Mill. Euro, said the bank in a statement.
This result is mainly related – within the Markets & Investment Banking Division – to write-downs of the ABS portfolio, in line with the announced risk profile, for about €650 million as well as the widening of spreads on bonds issued by large financial service companies and the dislocation of the basis spread between credit default swaps and underlying cash bonds for about €350 million.
Despite the unfavourable market scenario, given the excellent performance of the other activities, the Group expects a consolidated profit of approx €1 billion.
UniCredit Group will disclose its Q1 results on May 8.
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