May 4 (SeeNews) - Italy's UniCredit Group said that the adjusted net profit of its Eastern Europe segment, which includes banking and financial activities in Bosnia & Herzegovina, Bulgaria, Croatia, Romania and Serbia, surged 68.5% on the year to 307 million euro ($340 million) in the first quarter of 2023.
The performance was supported by a 31.9% annual rise in total revenues in Eastern Europe to 592 million euro, in part due to a 41% growth in net interest fees as well as higher card fees, UniCredit said in an interim financial statement on Wednesday.
Net operating costs in the Eastern Europe segment added 6% on the year to 205 million euro, while loan loss provisions widened to 34 million euro from 2 million euro a year earlier.
The strong result of the segment is in line with the overall results of the group in the three months through March as UniCredit delivered a record-breaking first quarter and raised its 2023 guidance. The Italian financial group booked an overall net profit of 2.06 billion euro in January-March, with revenue growing 56.5% on the year to 5.8 billion on the back of higher net income from interest and fees and commissions.
The bank provided the results of its Russian and Eastern Europe operations separately.
($ = 0.9028 euro)
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