UniCredit takes 92bp core ratio hit as Russian risks bite
Italian lender books €1.2bn of provisions, €9.5bn of new RWAs
UniCredit’s capital position took a beating from its Russia dealings in the first quarter, as the bank upped provisions on its increasingly risky exposures to the country.
The Italian lender – whose extensive Russian business was ensnared in the aftermath of the Ukraine invasion – set aside €1.2 billion ($1.3 billion) in loan-loss charges to cover deteriorating on- and offshore exposures to Russia, marrying an otherwise solid provision result of just €52 million across the group’s other markets
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