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UniCredit Reports Strong Third-Quarter Earnings, Raises 2023 Guidance

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UniCredit, the Italian bank, has reported a rise in earnings for the third quarter, exceeding analyst expectations. The bank’s performance was driven by net interest income, leading to an increase in its 2023 guidance.

Financial Results

During the period, UniCredit achieved a net profit of €2.32 billion ($2.48 billion), compared with €1.71 billion in the same period last year. The bank’s revenue also grew by 24% year-on-year, reaching €5.97 billion.

UniCredit saw a 2.9% increase in net interest income in the third quarter compared to the previous quarter, reaching €3.6 billion. This represents a significant growth of 45% compared to the same period last year.

Beating Expectations

Analysts had predicted a net profit of €1.92 billion, net interest income of €3.5 billion, and revenue of €5.74 billion. However, UniCredit’s actual results surpassed these estimates, according to a bank-provided consensus of analysts’ average expectations.

Operational Costs and Guidance

UniCredit’s operational costs remained flat in the third quarter compared to the previous quarter and decreased by 2.3% compared to the same period last year.

Additionally, UniCredit raised its 2023 guidance for net interest income to at least €13.7 billion from the previous forecast of at least €13.2 billion. The bank also increased its outlook for 2023 net revenue to above €22.2 billion, up from above €21.5 billion.

Furthermore, UniCredit expects a net profit of at least €7.25 billion and plans to distribute at least €6.5 billion to its shareholders in 2024.

These positive results indicate UniCredit’s strong financial performance and its ability to deliver value to its shareholders.

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