UniCredit: Q2 earnings halved

(CercleFinance.com) - On Thursday UniCredit announced a 49% decline in its Q2 net income, although Italy's leading bank also said it saw the first signs of a commercial recovery at the end of the quarter.


The Milan-based bank's quarterly net profit came in at 528 million euros in the past quarter, compared with profit of over one billion euros in the same period last year.

Its net banking income fell 4.8% compared to the previous quarter, reaching 4.2 billion euros, as lockdown measures decided in Italy logically penalised its fee income.

The Group nevertheless says that it has continued its strict "discipline" in terms of costs and specifies that it has reduced its operating expenses by 2% from the first quarter.

While it is not providing many precise figures regarding its outlook for the financial year 2020, UniCredit says it still intends to generate a net profit of 3-3.5 billion euros next year.

The share is keeping afloat: +0.5% at 11 am.


Copyright (c) 2020 CercleFinance.com. All rights reserved.