By Adriano Marchese

 

UniCredit SpA said Wednesday that losses widened in the fourth quarter as revenue fell in the period, and said that it will propose a buyback program of 179 million euros ($217 million).

The Italian bank said that net loss was EUR1.18 billion euros, compared with a loss of EUR835 million in the prior year fourth quarter.

On an underlying basis--the company's preferred metric which excludes exceptional items--net profit was EUR204 million, down from EUR1.42 billion.

Revenue also fell in the period to EUR4.24 billion, from EUR4.85 billion.

UniCredit said that it will propose at its annual general meeting a distribution of EUR268 million in cash dividend, as well as a share buyback program worth EUR179 million. Combined with the extraordinary distributions, the company said total capital return to shareholders in 2021 is EUR1.1 billion.

Looking ahead to the full year, the company said that it expects underlying net profit of more than EUR3 billion, with revenues and costs in-line with previous guidance.

 

Write to Adriano Marchese at adriano.marchese@wsj.com

 

(END) Dow Jones Newswires

February 10, 2021 16:12 ET (21:12 GMT)

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