UniCredit: encouraging quarter; plan 'up and running.'

(CercleFinance.com) - UniCredit said on Thursday that it has had an encouraging first quarter, with all core business lines making a positive contribution to results.


Q1 revenues came in at 4.8 billion euros, up 3% year-on-year, while net profit rose 40% to 907 million euros.

"These results underpin UniCredit's strengths as a simple pan-European commercial bank with a fully plugged in corporate and institutional banking (CIB)," said CEO Jean-Pierre Mustier.

The Italian lender - which successfully completed a 13 billion euros rights issue in March - said implementation of its "Transform 2019" strategic plan is now "up and running".

The group said it has already made progress in achieving its targets in the past quarter, with good progress in cost-cutting initiatives, which were launched to further improve operating efficiencies.

In 2017, UniCredit should benefit from the general, albeit gradual, recovery in the economic cycle, even though interest rates remain low, affecting net interest income.

After these results, UniCredit shares are up over 5% today in Milan.

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