Unicredit: Q3 results go largely unnoticed
(CercleFinance.com) - On Thursday UniCredit, Italy's leading bank in terms of assets, announced Q3 net profit that is up 31% sequentially at 800 million euros, driven by sould commercial performance due to the end of last spring's lockdowns.
The group states that all its business lines were profitable over the third quarter, but that the strongest contributions were made by its corporate and investment banking (CIB) and its subsidiary in Central and Eastern Europe (CEE).
In a statement, the Italian bank states that the recovery in economic conditions in Europe, which is boosting its customer business, combined with its sound discipline in terms of spending, is enabling it to maintain its earnings target of over 800 million euros this year.
UniCredit also said it benefited from sound cost control and higher revenues, with its net banking income increasing by over 4% q-o-q to 4.4 billion euros.
For FY 2021, it says that it still targets net profit of 3-3.5 billion euros.
However, the market seemed pretty indifferent about these results on Thursday in Milan, with the share remaining afloat (+0.4% at noon), while the MIB 30 was up 1.7%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The group states that all its business lines were profitable over the third quarter, but that the strongest contributions were made by its corporate and investment banking (CIB) and its subsidiary in Central and Eastern Europe (CEE).
In a statement, the Italian bank states that the recovery in economic conditions in Europe, which is boosting its customer business, combined with its sound discipline in terms of spending, is enabling it to maintain its earnings target of over 800 million euros this year.
UniCredit also said it benefited from sound cost control and higher revenues, with its net banking income increasing by over 4% q-o-q to 4.4 billion euros.
For FY 2021, it says that it still targets net profit of 3-3.5 billion euros.
However, the market seemed pretty indifferent about these results on Thursday in Milan, with the share remaining afloat (+0.4% at noon), while the MIB 30 was up 1.7%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.