UniCredit sheds €10.5 billion in toxic loans
Net write-downs on all loans fell to €496 million in the quarter, down from €835 million in December, an improvement of 40%, as a result of improved asset quality
UniCredit cut holdings of bad loans by almost a fifth in the year to March 31, as its ambitious turnaround strategy gathered pace.
Gross non-performing exposures (NPEs) shrunk to €44.6 billion ($53 billion) from €55.1 billion since the first quarter of 2017, with the bank shedding almost €4 billion in the last three months alone.
Asset sales and write-offs drove the rundown: €1.4 billion of soured residential mortgages were written off in the quarter, along with €0.9 billion of default
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