Unicredit: results and share buybacks boost stock
(CercleFinance.com) - UniCredit shares are up almost 6% in Milan this Thursday, by far the biggest rise in the FTSE MIB index, after the group's publication of record quarterly results and the announcement of share buybacks.
This morning Italy's largest bank announced that it had made the "prudent" choice to set aside a provision for bad debts of 1.3 billion euros in its Q1 accounts, almost entirely relating to its exposure to Russia.
Excluding these charges, the group posted net profit of 1.2 billion euros for Q1, up 48% y-o-y, based on net banking income that is up 7.9% to 4.7 billion euros.
Taking into account extraordinary items, net profit fell by 70% to 247 million euros, significantly below the consensus of around 415 million euros.
Despite the consequences of the conflict in Ukraine, UniCredit said that it is sticking to its 1.6 billion euro share buyback program, while specifying that the implementation of the remaining 1 billion euros will depend on the how the geopolitical situation develops.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
This morning Italy's largest bank announced that it had made the "prudent" choice to set aside a provision for bad debts of 1.3 billion euros in its Q1 accounts, almost entirely relating to its exposure to Russia.
Excluding these charges, the group posted net profit of 1.2 billion euros for Q1, up 48% y-o-y, based on net banking income that is up 7.9% to 4.7 billion euros.
Taking into account extraordinary items, net profit fell by 70% to 247 million euros, significantly below the consensus of around 415 million euros.
Despite the consequences of the conflict in Ukraine, UniCredit said that it is sticking to its 1.6 billion euro share buyback program, while specifying that the implementation of the remaining 1 billion euros will depend on the how the geopolitical situation develops.
Copyright (c) 2022 CercleFinance.com. All rights reserved.