OREANDA-NEWS. The Board of Directors of UniCredit approved the 1Q14 results on May 12th. Federico Ghizzoni, CEO of UniCredit commented: "The remarkable results achieved in the first quarter confirm the effectiveness of our strategy and demonstrate that the Group is heading in the right direction. Our target net profit 2014 of around ˆ2 billion is now closer. In line with the Strategic Plan, we are working hard to achieve sustainable profitability across all divisions and geographies through a business model which is close to our ñustomers' needs. Thanks to the growth in revenues and a structural decline in the cost base, also Italy posted a positive result strongly supporting Group's net profit.

UniCredit reached these results though preserving a sound capital position and a coverage of impaired loans which is the highest among Italian banks and in line with best European peers. For the first time since 2008, the stock of gross impaired loans is decreasing. New loans origination is revamping, mainly in Italy. This allows us to look at the future with confidence, with the belief that we are best positioned to support the economic recovery that is starting to materialise.”