Unicredit beats expectations in the quarter: profit at 2.1 billion. Orcel: “We will maintain constant profitability growth”
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MILAN – Unicredit archives a quarter beyond expectations, reporting record profits of 2.1 billion against forecasts that stopped at 1.3 billion. Revenues amounted to 5.8 billion euros, an increase of 56.5% year on year.
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Numbers – in a context of generalized positive expectations for banks, whose profitability is inflated by rate hikes – which prompt words of optimism to the head of the company, Andrea Orcel: “We are confident that we can continue to guarantee, for the near future, consistent, high quality profitability growth, with a structurally reduced cost base and cost of risk”. “For the ninth consecutive quarter – he adds – UniCredit has achieved excellent financial results, improving the level of profitability and distribution thanks to the ability to unleash the intrinsic value of the group. We are making significant progress in the execution of the strategic plan and we are in the second phase of our industrial transformation, setting a new benchmark for the banking sector”. “Our liquidity profile is solid – he further states – and the quality of the assets in the portfolio is high. The improvement in the macroeconomic outlook and interest rates, the positive business performance, our ongoing transformation and the strengthened defense have allowed us to increase the guidance for 2023 on the main metrics”.
From Mustier to Orcel the daring descents and ascents of Unicredit
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On the basis of the first part of the year, the bank of Piazza Gae Aulenti raises its estimates for the 2023 financial year, for which it now expects a net profit of over 6.5 billion euros and revenues exceeding 20.3 billion. 5.75 billion euros will be distributed to shareholders. In previous estimates, revenues were expected at 18.5 billion euros and profit in line with that of 2022, when it was 5.4 billion.
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