UniCredit: third-quarter tops forecasts; shares rise

(CercleFinance.com) - Italian banking giant UniCredit has reported a forecast-beating third-quarter profit, saying its commercial momentum and focus on cost discipline "continue to pay off".


Third-quarter net profit, with no exceptional items, came in at 1.1 billion euro, up 25% year-on-year, reaching the best quarterly performance of a decade.

In its statement, UniCredit said that it has already met or will exceed its key targets by the end of this year.

The group confirmed its revenue guidance of 18.7 billion euros for 2019, as well as its annual cost target of 10.1 billion euros.

UniCredit's shares opened up about 5% on Thursday, having risen by over 24% in the past month.

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