Unicredit: posts best annual profit since 2008; shares up
(CercleFinance.com) - Italian lender UniCredit delivered a record performance in 2018, posting its best results in a decade, despite a "challenging macroeconomic backdrop," the group said on Thursday.
This morning the Milan-based bank reported group core net operating profit of 7.5 billion euros, up 12% relative to 2017. Net operating profit reached 6.4 billion euros, its highest level since 2008.
The group - which has cut its operating expenses to 10.7 billion euros, having aimed to reduce them by 11 billion euros - has confirmed its 2019 earnings target of 4.7 billion euros.
In comparison, net profit was 3.9 billion euros last year.
The share was up 2.4% at 10.5 euros Thursday on the Borsa Italiana market after these results.
UniCredit also said on Thursday that it has appointed Elena Carletti - a professor of finance at Bocconi University - as an independent non-executive director on its board.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
This morning the Milan-based bank reported group core net operating profit of 7.5 billion euros, up 12% relative to 2017. Net operating profit reached 6.4 billion euros, its highest level since 2008.
The group - which has cut its operating expenses to 10.7 billion euros, having aimed to reduce them by 11 billion euros - has confirmed its 2019 earnings target of 4.7 billion euros.
In comparison, net profit was 3.9 billion euros last year.
The share was up 2.4% at 10.5 euros Thursday on the Borsa Italiana market after these results.
UniCredit also said on Thursday that it has appointed Elena Carletti - a professor of finance at Bocconi University - as an independent non-executive director on its board.
Copyright (c) 2019 CercleFinance.com. All rights reserved.