By Cristina Roca 
 

UniCredit SpA on Thursday reported a jump in third-quarter net profit and lifted its targets for the full year.

The Italian bank's net profit rose to 1.06 billion euros ($1.23 billion) from EUR680 million a year earlier. It was significantly ahead of analysts' median estimate of EUR825 million based on company-compiled consensus.

Quarterly revenue inched higher to EUR4.44 billion from EUR4.35 billion during the same period in 2020. Analysts had seen revenue at EUR4.26 billion, according to the same consensus.

UniCredit's net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver for retail banks--was EUR2.27 billion, down 1.4% on year.

UniCredit said it now expects revenue for the full year to be around EUR17.5 billon, from guidance of EUR17.1 billion previously. It lifted its underlying net profit view to EUR3.7 billion, from "above EUR3 billion" previously, and also improved its cost of risk guidance. The bank backed its cost guidance.

The company said it will reveal its much-awaited strategic plan on Dec. 9.

 

Write to Cristina Roca at cristina.roca@wsj.com

 

(END) Dow Jones Newswires

October 28, 2021 01:40 ET (05:40 GMT)

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