At UniCredit, XVAs amped trading gains in Q3

Italian lender UniCredit made €455 million ($538 million) in trading income over the third quarter. But of this amount, 24% came about through favourable valuation adjustments (XVAs) to its derivatives portfolio rather than in cash revenue.

UniCredit said XVAs, including debit, credit and funding valuation adjustments, added €110 million to its trading income over Q3. In Q2, these adjustments cost the bank €158 million and in Q1 €67 million. Including XVA effects, trading income was up almost

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