Italian Banks: COVID-19 Weighs on Q4 2020 Results; Limited Asset Quality Impact to Date
Large Italian banks (UniCredit, Intesa Sanpaolo, Banco BPM, Banca MPS, and BPER) reported an aggregate net loss of EUR 2.4 billion in Q4 2020, compared to a net loss of EUR 1.2 billion in Q4 2019 (Exhibit 1). This was mostly driven by higher loan loss provisions (LLPs), ongoing restructuring charges and goodwill impairments. On an aggregate basis, FY 2020 closed with a net loss of around EUR 2 billion, compared to a net profit of EUR 7.7 billion for FY 2019.
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