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UniCredit’s financial results in the third quarter of 2024
UniCredit, the well-known Italian banking group, recently published its results for the third quarter of 2024, surprising analysts with a net profit of 2.51 billion euros, well above expectations of 2.27 billion. This result represents an increase of 8.2% compared to the same period of the previous year, highlighting the bank’s strength despite global economic challenges
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Analysis of revenues and margins
In the period under review, UniCredit recorded net revenues of 6 billion euros, an increase of 2.6% compared to the previous year. This increase was supported by a stable interest margin, which remained around 3.6 billion euros. In addition, net commissions showed significant growth, reaching 1.9 billion euros, an increase of 8.5%. However, the bank also made 165 million euros in provisions for credit losses, an aspect to be considered in the context of risk management
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Future Perspectives and Revision of Guidance
Following these results, UniCredit has revised its forecasts for 2024 upwards. The expected net profit is now over 9 billion euros, compared to the previous estimate of more than 8.5 billion. Net revenue estimates have also been increased, now set at around 24 billion euros, exceeding the previous forecast of more than 23 billion. In addition, the bank announced an increase in the dividend provision share of net profit, bringing it to 50% starting in 2025, compared to 40% today. This news contributed to a slight increase in the stock market, which registered +0.7% to 43.14 euros, although initial gains
were limited.
Market context and reactions
The market environment remains complex, with Piazza Affari closing down 0.2% on the day of the US elections. However, UniCredit’s results seem to indicate resilience to economic uncertainties. Other stocks, such as Ferrari, showed mixed performance, highlighting market variability. The confirmation of guidance by Leonardo, who has signed an agreement for the supply of helicopters, is a further sign of activity in the sector, but it has not prevented Ferrari from suffering a significant decline after the publication of its
quarterly results.
