UniCredit 1Q Net Profit Rose, Boosted by One-Offs
May 09 2019 - 1:50AM
Dow Jones News
By Pietro Lombardi
UniCredit SpA's (UCG.MI) net profit for the first three months
of the year rose as the bank released provisions after reaching a
settlement with U.S. authorities and reported lower costs.
Net profit for the period rose 25% to 1.39 billion euros ($1.56
billion), the Italian bank said Thursday.
Revenue decreased 3% to EUR4.95 billion.
Analysts had expected a net profit of EUR1.29 billion for the
period on revenue of EUR4.88 billion, according to a consensus
forecast provided by the bank.
The results benefited from one-offs. UniCredit released
provisions in the quarter after it reached in April a $1.3 billion
settlement with U.S. authorities related to U.S.
government-sanctions programs. The positive net impact of this
release was EUR320 million.
Net interest income--the difference between what lenders earn
from loans and pay for deposits, and a key profit driver for retail
banks--rose 0.7% on year to EUR2.65 billion. Net fees and
commissions fell 5.3%.
Operating costs declined 4.2%.
"This was the best first quarter results in a decade for the
second time in a row, underpinning the success of our current
strategic plan, and confirming we are well on track to achieve our
Transform 2019 objectives by the end of this year, that are all
confirmed," Chief Executive Jean Pierre Mustier said.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
May 09, 2019 01:35 ET (05:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Unicredit (BIT:UCG)
Historical Stock Chart
From Mar 2024 to Apr 2024
Unicredit (BIT:UCG)
Historical Stock Chart
From Apr 2023 to Apr 2024