UniCredit 3Q Net Profit Rose Above Expectations
07 Noviembre 2019 - 12:47AM
Noticias Dow Jones
By Pietro Lombardi
UniCredit SpA's (UCG.MI) third-quarter net profit soared,
surpassing analysts' expectations, as the bank completes its
strategic plan
The improved earnings were expected as they come against a
previous-year quarter that was hit by an impairment related to the
lender's stake in Turkish bank Yapi Kredi and provisions. However,
net profit grew more than analysts had forecast.
Net profit for the period was 1.10 billion euros ($1.22 billion)
compared with a profit of EUR29 million a year earlier, the bank
said Thursday. On an adjusted basis, which excludes one-offs, net
profit rose almost 26% on year.
Revenue rose 1.7% to EUR4.70 billion.
Analysts had expected a net profit of EUR1.03 billion on revenue
of EUR4.58 billion, according to a consensus forecast provided by
the bank.
Net interest income--the difference between what lenders earn
from loans and pay for deposits, and a key profit driver for retail
banks--fell 5% to EUR2.56 billion.
Fees and commissions rose 3%, while trading income was up
29%.
The results come as Italy's largest bank gears up for a new plan
that it will present in December. Under the current strategy, it
sold assets, cut costs and disposed of bad loans worth billions of
euros. It also raised EUR13 billion of fresh capital.
The bank confirmed its cost and revenue guidance for the
year.
"With yet another strong quarter we have successfully delivered
Transform 2019," Chief Executive Jean Pierre Mustier said.
"We have already met or will exceed our key targets by the end
of this year,"
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 07, 2019 01:32 ET (06:32 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Unicredit (BIT:UCG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Unicredit (BIT:UCG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024