Unicredit saw its structured products sales increase by 170% in Europe during the first nine months of 2017, according to SRP data. The Italian global banking and financial services company collected a combined €2.7bn from structured products sales between January 1 and September 30, 2017, up from €1bn during the same period last year.

The majority of the sales volumes were in Italy, where the bank sold 342 certificates worth €2.3bn in the first three quarters of the year (9M 2016: €298m from 207 products). Almost all of Unicredit's products in Italy were linked to equities and the bank was responsible for both the best-selling and the best-performing product in the period. The former, Cash Collect a capitale protetto - Eurostoxx 50 - 30/01/2024, a seven-year 100% capital protected certificate linked to the Eurostoxx 50, sold €391m during its subscription period, while the latter, Bonus Cap Certificate - RWE - 16/06/2017, provided the maximum overall return of 130% (25.14% pa) when it matured in June.

Unicredit was also active in Austria and Germany, where it issued more than 92,000 listed certificates in the first nine months - mainly turbos, bonus and capped bonus certificates, and reverse convertibles. In the Czech Republic, the bank sold 11 products to private banking investors, including the HVB CZK 90% Minimum Redemption Note, a six-year note linked to the HVB Robotics Fund Risk Control 9 Index, while in Poland three products were issued.

The bank reported revenues in the third quarter of 2017,at €4.6bn, down 8.5% on the quarter and 3.9% on the year, affected by seasonality and reduced trading due to an unfavourable sector-wide environment. Net profit was up 87% year-on-year, at €838m, with Central Eastern Europe corporate and investment banking and commercial banking in Italy the main contributors, according to the bank.

Assets under management stood at €211.4bn in the third quarter, increasing both quarter-on-quarter and year-on-year (€4.36bn and €15.3bn, respectively), sustained by a positive performance across all commercial banks. Net sales amounted to €13.3bn in the first nine months of this year, compared to €6.3bn for the same period in 2016.

As at September 30, 2017, Unicredit had debt securities worth €106.4bn in issue, down 3.9% quarter-on-quarter and down 10.9% from September last year. The book value of sovereign debt securities as at the end of September amounted to €116.9bn, of which over 90% was concentrated in eight countries: Italy, Spain, Germany, Austria, France, Hungary, Bulgaria and Romania. Of these, Italy, with €54bn, represented over 46% of the total. The remaining 10% of the total of sovereign debt securities, at €11.5bn, was divided into 38 countries, including Czech Republic (€1.6bn), Poland (€1.1bn), Croatia (€1.1bn), Russia (€1.1bn), Slovakia (€825m), Serbia (€660m), Belgium (€494m) and the US (€437 m).

'In an improving European economic environment and encouraging signs of growth in Italy, our adjusted net profit was up 87% year-on-year,' said Jean Pierre Mustier (pictured), chief executive officer, Unicredit, in a statement. 'Thanks to the decisive actions taken in the last 12 months and the revamp of our networks, we are seeing strong commercial dynamics in all divisions, with clients increasing by 423,000 and with €52bn in new loan production since the beginning of 2017.'

Click the link to view the full third quarter and 9M 2017 results for Unicredit (release/presentation).

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