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Unicredit returns to full year profit

Friday - 3/15/2013, 11:40am  ET

MILAN (AP) -- Italian bank Unicredit says it returned to profit last year thanks to ambitious cost-cutting measures and plans to resume a dividend payment.

Italy's largest bank by assets reported net profit of EUR865 million ($1.1 billion), compared with a loss of EUR9.2 billion last year that was due to the sovereign debt crisis and weak economic activity.

Revenues grew 1 percent to EUR25 billion. Operating costs dropped 3 percent to EUR15 billion as the bank cut some 4,000 positions.

In the fourth quarter the bank lost EUR553 million, compared with a EUR114 million profit in the same period of 2011.

The bank said Friday it would propose a dividend of EUR0.09 for 2012 after foregoing one the year before.

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