Unicredit: cuts NBI target, with rates to blame
(CercleFinance.com) - On Wednesday UniCredit announced that it has reduced its forecast for FY 2019 net banking income (NBI), citing persistently low interest rates.
The Italian banking group - the sixth largest in the eurozone in terms of assets - says it now only expects NBI to be around 18.7 billion euros this year, compared with a previous target of 19 billion euros.
CEO Jean Pierre Mustier nevertheless believes that the establishment has managed to deliver solid results for the first half, despite a difficult economic environment.
UniCredit posted Q2 net profit that is up 81% at 1.9 billion euros, particularly inflated by the sale of its shares in the online broker FinecoBank.
Excluding extraordinary items, adjusted net profit came to 1 billion euros, inching up 0.4%.
One positive point is that the group has maintained its cost-target for 2019, which it stil expects around 10.1 billion euros.
The UniCredit share was down 2.8% in Milan after this publication.
Copyright (c) 2019 CercleFinance.com. All rights reserved.
The Italian banking group - the sixth largest in the eurozone in terms of assets - says it now only expects NBI to be around 18.7 billion euros this year, compared with a previous target of 19 billion euros.
CEO Jean Pierre Mustier nevertheless believes that the establishment has managed to deliver solid results for the first half, despite a difficult economic environment.
UniCredit posted Q2 net profit that is up 81% at 1.9 billion euros, particularly inflated by the sale of its shares in the online broker FinecoBank.
Excluding extraordinary items, adjusted net profit came to 1 billion euros, inching up 0.4%.
One positive point is that the group has maintained its cost-target for 2019, which it stil expects around 10.1 billion euros.
The UniCredit share was down 2.8% in Milan after this publication.
Copyright (c) 2019 CercleFinance.com. All rights reserved.