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8 Feb 2018 By Lisa Jucca Follow @LJucca

The Italian bank is back in the black with an adjusted net profit of 3.7 bln euros. With the balance sheet fixed and much cost-cutting complete, CEO Jean Pierre Mustier can focus on boosting revenue. But ramping up product sales could be harder without its asset management arm.

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UniCredit on Feb. 8 reported net profit of 5.5 billion euros for 2017 after a loss of 11.8 billion euros a year earlier. Adjusted net profit, which excludes the impact of the disposal of its asset management and Polish units and other one-off items, was 3.7 billion euros. Total revenue rose 1.7 percent to 19.6 billion euros.

The Italian bank said its common equity Tier 1 capital ratio stood at 13.02 percent on a pro-forma basis, taking account of the introduction of the IFRS9 accounting rule and the sale of bad debts. The bank proposed a cash dividend of 0.32 euros a share, equivalent to a payout ratio of 20 percent of its normalised earnings.

UniCredit shares were up 2 percent at 17.8 euros by 0830 GMT on Feb. 8.

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