#Unicredit #beats #estimates #profit #rises #billion
by Finance Editorial Staff
Profits increased by 24% in the quarter: targets for 2024 revised upwards
2′ reading
Unicredit closes the first quarter with a profit of 2.6 billion euros, up by approximately 24% compared to the same period of 2023. The figure is above estimates which expected 2.1 billion. Net revenues amounted to 6.3 billion, up 7%. It is “quality profitable growth for the thirteenth consecutive quarter”, highlights the bank in a note.
In the first quarter the group produced an EPS up by 41.8% year on year, a dividend per share provision up by 63.6% and a tangible book value per share up by 25%: «Such high-performance results quality have been achieved in all regions and in all product factories, while preserving excellent financial strength and lines of defense to protect future results and distributions” says the bank in a statement
UniCredit’s CET1 ratio increased further to 16.23%, «in large excess compared to our managerial target of 12.5-13% and already net of the 8.6 billion relating to 2023 distributions as well as the 2.6 billion in distribution provisions for 2024.
In light of the results “the financial guidance for 2024 net profit has improved to over 8.5 billion, with an unchanged RoTE of approximately 16.5 percent and an organic capital generation of more than 300 basis points”.
Orcel: «High structural profitability»
“We will continue to demonstrate sustainably high structural profitability and best-in-class shareholder returns in changing macroeconomic environments.” Thus the CEO of Unicredit, Andrea Orcel, commented on the quarterly results. “We are uncompromisingly focused on building the future and achieving our ambitions for all stakeholders,” adds Orcel.
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