UniCredit Raises 2022 Guidance After Strongest 1st Half in a Decade -- Update
27 Juli 2022 - 9:24AM
Dow Jones News
By Ian Walker and Cristina Roca
UniCredit SpA on Wednesday raised its full-year guidance after
reporting its strongest first-half performance in nearly a
decade.
The Italian bank now expects to report revenue excluding Russia
for the year of at least 16.7 billion euros ($16.9 billion)
compared with previous guidance of EUR16 billion.
UniCredit said it has asked for the regulatory green light for a
EUR1 billion buyback. It had previously cautioned that the buyback
remained subject to its performance in Russia.
UniCredit posted a net profit of EUR1.82 billion for the quarter
compared with EUR960 million a year earlier.
Excluding Russia, net profit was EUR1.48 billion, up from EUR889
million for the second quarter of 2021.
The bank booked a loan-loss credit of EUR2 million compared with
a loss of EUR360 million for the same quarter a year earlier.
Revenue rose to EUR4.78 billion from with EUR4.39 billion and a
consensus of EUR4.50 billion, taken from FactSet and based on nine
analysts' forecasts.
Common equity Tier 1 ratio--a measure of banks' capital
strength--stood at 15.73% at the end of the quarter, up from 14% at
the end of the earlier quarter and 15.5% at the same date a year
earlier. UniCredit has a 2022-24 target of 12.5%-13.0%.
Write to Ian Walker at ian.walker@wsj.com and Cristina Roca at
cristina.roca@wsj.com
(END) Dow Jones Newswires
July 27, 2022 03:09 ET (07:09 GMT)
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