OREANDA-NEWS. UniCredit Group's net profit at €403 m leading to a 1H14 net profit of €1.1 bn (+37.8% H/H). This is mentioned in Group's quarterly statement.

Total assets broadly stable at €839 bn. Asset quality dynamics confirm the positive trends registered in 1Q14 with gross impaired loans decreasing for the second quarter in a row to €82.4 bn (-0.1% Q/Q). Coverage ratio stands at a level of 51.2% despite the sale of vintage NPL portfolios. Solid balance sheet confirmed with a sound leverage ratio Basel 3 fully loaded at 4.7%, amongst the best in Europe.

Federico Ghizzoni, CEO of UniCredit commented: "The positive results achieved in this quarter confirm the Group's strong performance, despite the uncertain macroeconomic environment. These results bring us closer to our target of c. €2 bn net profit for 2014... UniCredit confirms itself as one of the most solid banks in Europe: our CET1 ratio fully loaded increases to 10.4% and our leverage ratio Basel 3 fully loaded stands at 4.7%. Geographical diversification remains one of our key strengths. Italy displays increasing profitability and new loan origination increases by over 50% versus first half 2013, confirming our commitment to support the real economy.”