MILAN | Iran sanctions, Turkish write-down hit UniCredit profit

8Nov - by Editor - 0 - In STL.News



MILAN— The Italian bank UniCredit said Thursday that third-quarter profits dropped 99 percent due to one-off provisions to cover any settlement for alleged U.S. sanctions violations in Iran and a write-down on its Turkish unit.

Net profits fell to 29 million euros ($33 million), from 2.8 billion euros in the same period last year. It put aside 741 million euros mostly to cover any potential settlement with the United States, and recorded an 846 million-euro write-down on its Turkish bank, Yapi Kredi.

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