UniCredit Lifts 2021 Guidance After Beating Expectations on 3Q
October 28 2021 - 1:55AM
Dow Jones News
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)
Copyright (c) 2021 Dow Jones & Company, Inc.
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