UniCredit: shares up after earnings beat estimates
(CercleFinance.com) - Italian banking giant UniCredit has announced on Tuesday second-quarter net profit of 1.
3 billion euros, down 6% year-on-year, although 5% ahead of the consensus.
The positive result came despite revenues falling 4% to 4.9 billion euros, impacted by lower trading income and a positive one-off net interest item the year before, the group said.
The bank also said that operating costs fell by 7% over the past quarter, mainly thanks to lower HR costs.
In its statement, UniCredit said that fully loaded CET1 ratio was expected between 12.3% and 12.6% at the end of the year, and above 12.5% at the end of 2019.
Investors hailed this news in Milan on Tuesday, with the Unicredit share up 2.4% at 14.7 euros in late-morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
3 billion euros, down 6% year-on-year, although 5% ahead of the consensus.
The positive result came despite revenues falling 4% to 4.9 billion euros, impacted by lower trading income and a positive one-off net interest item the year before, the group said.
The bank also said that operating costs fell by 7% over the past quarter, mainly thanks to lower HR costs.
In its statement, UniCredit said that fully loaded CET1 ratio was expected between 12.3% and 12.6% at the end of the year, and above 12.5% at the end of 2019.
Investors hailed this news in Milan on Tuesday, with the Unicredit share up 2.4% at 14.7 euros in late-morning trading.
Copyright (c) 2018 CercleFinance.com. All rights reserved.