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BC-EU--Italy-Earns-UniCr, 0136

Contributed by NAMPA / Associated Press.

Write-off for US deal on Iran sanctions hit UniCredit profit<
Eds: APNewsNow.<
MILAN (AP) - Italian bank UniCredit has increased provisions to cover any settlement for alleged U.S. sanctions violations in Iran, a move that dropped third-quarter profits by 99 percent.
The bank said that net profits fell to 29 million euros ($33 million), from 2.8 billion euros in the same period last year, as it took a write-off of 741 million euros mostly to cover any potential settlement with the United S ...

 

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