By Ed Frankl

UniCredit said Wednesday that it has raised its 2023 guidance, including on shareholder returns, as second-quarter profit and revenue beat expectations, driven by rising interest rates that boosted net interest income.

The Italian bank reported quarterly net profit of 2.31 billion euros ($2.55 billion), higher than the EUR2.01 billion in the same period of last year.

Revenue climbed 25% on year to EUR5.97 billion, helped by net interest income, which came in 41% higher at EUR3.50 billion, driven by higher interest rates.

Analysts had expected net profit at EUR1.66 billion and revenue at EUR5.62 billion, according to consensus provided by the bank.

On the back of the improved interest-rate environment, the Milan-based bank said it raised its guidance for 2023 to net profit at or above EUR7.25 billion, net interest income of at least EUR13.2 billion and revenue of above EUR21.5 billion, alongside shareholder distribution of at least EUR6.5 billion.

Guidance for profit and shareholder returns in 2024 is expected to be broadly in line with 2023, UniCredit added.

Write to Ed Frankl at edward.frankl@wsj.com

(END) Dow Jones Newswires

July 26, 2023 01:48 ET (05:48 GMT)

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