Unicredit Factoring improves profits in 1st half results


UniCredit Factoring, the factoring division of Italian bank UniCredit, closed the first half of 2003 with net profits of Ђ3.5m (up 15 per cent) and an operating margin of Ђ7.7m (an improvement of 34 per cent).

The division's earning margin increased by 22 per cent, to Ђ13.4m, and its net commissions went up by 32 per cent, to Ђ6.1m.

UniCredit is about to buy the house mortgages division and 13 branches of Abbey National Bank Italia.

Source: La Stampa



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Posted on Aug 22, 2003
Region: Italy