📖 Your Q2 Earnings Guide: Discover the Stocks ProPicks AI Highlights to Jump Post-EarningsRead more

UniCredit raises guidance after Italian bank posts record results

Published 05/03/2023, 06:52 AM
Updated 05/03/2023, 07:15 AM
© Reuters.
CRDI
-

Investing.com -- UniCredit SpA (BIT:CRDI) shares jumped up to near the top of the pan-European Stoxx 600 on Wednesday after the Italian lender boosted its full-year guidance, following a record bottom-line result in the first three months of 2023.

Net income in the first quarter surged by more than seven-fold compared to the corresponding period in the prior year to €2.06 billion, well above Bloomberg consensus estimates of €1.37B.

In a statement, the Milan-headquartered bank said it was boosted by an environment of elevated interest rates and strong fees. Total revenues grew by more than 18% year-on-year to €5.93B, also topping projections.

UniCredit subsequently hiked its guidance for net profit in its 2023 fiscal year to greater than €6.5B. The group previously said in the fourth quarter that it anticipated that the figure would be "broadly in line" with the 2022 total of €5.2B, after taking into account Additional Tier 1 debt and coupons on financial instruments known as CASHES.

Chief executive Andrea Orcel noted that the business had anticipated a "difficult macroeconomic scenario" in Europe, adding that it will continue to deliver "consistent, high-quality profitable growth."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.