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UniCredit Issues Update On NPE Stock; Considers NPE Coverage Fully Adequate

Unicredit (UCG,UNCFF.PK) reported that its core bank NPE ratio was 4.3% in third-quarter 2018, in line with its EBA sample peers and it has committed to fully run off non-core portfolio by 2021. The company noted that it has a 62% NPE coverage ratio, highest in the sample of Eurozone banks in the recent EBA stress tests. Consequently, UniCredit considers its NPE coverage fully adequate.

The company issued the statement with reference to recent media reporting on the non-binding recommendation of the ECB to all banks directly supervised by the Single Supervisory Mechanism regarding the coverage of the secured and unsecured NPL stock.

UniCredit estimates that the regulatory dialogue with the ECB could lead to a low annual single digit basis point impact on its CET1 ratio for any additional coverage of its NPE stock, for each year up to 2024.

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