UniCredit: sharp rise in Q3 profits

(CercleFinance.com) - UniCredit has reported sales of E6,142m for Q3, up 2.
9% y-o-y.

Gross operating income rose by 5.7% to E3,851m, with net income up 8.2% at E2,513m. EPS came to E1.58, up 21.8%.

In Q3, the group posted a CET1 ratio of 16.1% and a RoTE of 19.7%.

During the quarter, we deployed some of our excess capital and made a strategic investment in Commerzbank that may - or may not - lead to a full merger, management commented.

Our day-to-day priority, however, remains our commitment to accelerating our undisputed leadership in the sector and realizing our organic ambitions, the group added.

Against this backdrop, UniCredit is raising its 2024 earnings estimate to over E9bn.


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