MILAN (Thomson Financial) - Italian cooperative bank UBI Banca said
full-year net profit rose 10.4 pct from a year earlier, missing analysts
expectations, but proposed a dividend at the top end of their forecasts.
Net profit rose to 940.6 mln eur from a pro forma of 851.9 mln, below the
981 mln expected by seven analysts polled by Thomson Financial News, and the
proposed dividend rose 19 pct to 0.95 eur per share, at the top end of the
0.80-0.95 eur forecast range.
Revenues rose 4.2 pct to 4.459 bln eur and gross operating profit rose 8.3
pct to 1.901 bln, both missing expectations for 4.566 bln and 2.004 bln,
respectively, it said.
The bank said capital adequacy significantly improved with the Core Tier 1
ratio rising to 6.86 pct at the end of 2007 from 6.28 pct at the end of 2006.
Looking ahead, UBI confirmed targets set in its business plan to 2010.
danilo.masoni@thomson.com
dm/jlc
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