Unicredit: consensus beaten in Q2.
(CercleFinance.com) - The upturn has now started for UniCredit, which on Thursday reported Q2 earnings of 945 million euros, up 3.
3% y-o-y.
Analysts were much more pessimistic, expecting a decline to 676 million euros, which largely explains the share's strong resistance. Indeed, currently up 4.2%, it is - by far - the sharpest riser on the Footsie MIB at lunchtime today.
In the midst of major restructuring under the impetus of its French CEO Jean-Marie Mustier, the Italian bank has also recorded a 135-bp improvement CET1 hard equity ratio compared to its level at the end of March (12.8%).
Although down 7.8% at 4.85 billion euros, the group's revenues have also exceeded the consensus of 4.83 billion euros.
The confident UniCredit expects a CET1 ratio of over 12% by the end of 2017. The group, which is expected to make some 14,000 full-time equivalent redundancies by the end of 2019, already sold most of its bad debts (17.7 billion euros) in July, in addition to the sale of several assets in order to reinforce its solidity.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
3% y-o-y.
Analysts were much more pessimistic, expecting a decline to 676 million euros, which largely explains the share's strong resistance. Indeed, currently up 4.2%, it is - by far - the sharpest riser on the Footsie MIB at lunchtime today.
In the midst of major restructuring under the impetus of its French CEO Jean-Marie Mustier, the Italian bank has also recorded a 135-bp improvement CET1 hard equity ratio compared to its level at the end of March (12.8%).
Although down 7.8% at 4.85 billion euros, the group's revenues have also exceeded the consensus of 4.83 billion euros.
The confident UniCredit expects a CET1 ratio of over 12% by the end of 2017. The group, which is expected to make some 14,000 full-time equivalent redundancies by the end of 2019, already sold most of its bad debts (17.7 billion euros) in July, in addition to the sale of several assets in order to reinforce its solidity.
Copyright (c) 2017 CercleFinance.com. All rights reserved.