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The Italian Unicredit shoots up on the stock market after closing a record first quarter

Date: October 1, 2023 Time: 14:10:35

The Italian bank UniCredit rebounds on the stock market and registers an increase of almost 6%, up to 18.66 euros after presenting the accounts corresponding to the first three months of the year, in which it has obtained the best quarterly results in its history. Specifically, the group has registered a net profit of 2,064 million, which means multiplying by more than eight times the 247 million it earned in the first quarter of 2022. After the approval of the results, the entity said that it is a record and that “it is proof that UniCredit is a bank that has achieved a transformation, with a reinforced, consistent and sustainable quarterly profitability”.

The bank reported that its gross operating result (ebitda) in the first three months of the year was 3,603 million euros, 34.8% more than the same period of the previous year and that the net operating profit (ebit) was of 3,510 million euros, compared to the negative result of the first quarter of last year. Net interest reached 3,298 million between January and March, with an increase of 43.6% compared to the same quarter last year and net commissions were 1,996 million, 2% less than the first three months of 2022 in a context marked by the rise in interest rates that has especially benefited the sector after years of low returns.

In parallel, operating costs were 2,327 million, 0.6% less than in the first quarter of last year, while the total invoiced was 5,930 million, an increase of 18.3% compared to the first three months of the year. last year. At the end of March 2023, UniCredit’s CET1 accounting ratio reached 16.05%. Based on these results, UniCredit has improved its financial estimates for the full year 2023 and expects net income of more than €20.3 billion and net profit of more than €6.5 billion.

Likewise, UniCredit explained that it expects to distribute more than 5,750 million euros to shareholders. The entity’s CEO, Andrea Orcel, highlighted the positive results for the ninth consecutive quarter. “We are making significant progress in the execution of the strategic plan and we are in the second phase of our industrial transformation, presenting a new point of reference for the banking sector. We are reinforcing the commercial network and optimizing our products and services to offer the best to our customers in the most efficient way.

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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