Unicredit: share drops despite good results
(CercleFinance.com) - UniCredit shares lost ground in Milan on Tuesday, despite Q3 results that came in well above market expectations.
This morning, the Italian banking group reported Q3 net income of E2.3bn, compared with E2bn a year earlier and the consensus of E1.9bn.
Revenues rose almost a quarter (+24%) to E5.8bn, mainly driven by a 45% increase in net interest income to E3.6bn.
UniCredit says that, despite inflationary pressures, its operating costs fell by 2.3% y-o-y, totaling E2.3bn in the quarter.
For 2023, UniCredit now says it is targeting net interest income of at least E13.7bn on total revenues of over E22.2bn, maintaining target earnings of over E7.25bn.
Analysts say that the only disappointment was the 5.2% y-o-y drop in commission income, due to the economic slowdown, which could lead to reductions in investor estimates.
Following this publication, UniCredit shares were down 0.7% on Tuesday morning on Euronext Milan.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
This morning, the Italian banking group reported Q3 net income of E2.3bn, compared with E2bn a year earlier and the consensus of E1.9bn.
Revenues rose almost a quarter (+24%) to E5.8bn, mainly driven by a 45% increase in net interest income to E3.6bn.
UniCredit says that, despite inflationary pressures, its operating costs fell by 2.3% y-o-y, totaling E2.3bn in the quarter.
For 2023, UniCredit now says it is targeting net interest income of at least E13.7bn on total revenues of over E22.2bn, maintaining target earnings of over E7.25bn.
Analysts say that the only disappointment was the 5.2% y-o-y drop in commission income, due to the economic slowdown, which could lead to reductions in investor estimates.
Following this publication, UniCredit shares were down 0.7% on Tuesday morning on Euronext Milan.
Copyright (c) 2023 CercleFinance.com. All rights reserved.