Unicredit closes the third quarter of the year with a underlying net profit of € 1.1 billion, up by 0.5 per cent on a quarterly basis and by 60 percent on an annual basis. According to the financial report approved by the board of directors, i revenues amounted to € 4.4 billion with a growth of 1.9 per cent on an annual basis, driven by robust fees and a positive interest margin. In particular, the interest margin stood at 2.3 billion with an increase of 3.1 per cent on a quarterly basis, while commissions amounted to 1.7 billion (down compared to the previous quarter, but up on an annual basis).
In the face of positive numbers, UniCredit raises its targets by the end of the year: the bank led by Andrea Orcel has announced that the 2021 guidance for the underlying net profit has been increased to “over 3.7 billion” (from the previous one which provided a figure “above 3 billion”). The annual one also rises for revenues which are now seen at 17.5 billion (from 17.1 billion). Furthermore, the guidance of the underlying cost of risk for 2021 has been improved to around 30 basis points.
#Unicredit #Orcel #collects #billionaire #quarter #Net #profit