UniCredit’s financial results in the third quarter of 2024
The UniCredit 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 forecasts 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 in the current economic environment
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Net revenues for the quarter amounted to 6 billion euros, an increase of 2.6% compared to last year.
This increase was supported by a stable interest margin, which remained at 3.6 billion, and commissions that reached 1.9 billion, up 8.5%. Provisions for credit losses amounted to 165 million, a figure that reflects prudent risk management
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Review of the guidance for 2024
Following these results, UniCredit has revised its forecasts for the full year 2024 upwards. Expected net profit increased to more than 9 billion euros, compared to the previous estimate of more than 8.5 billion.
The net revenue forecast has also been updated, now set at around 24 billion euros, compared to the previous estimate of more than 23 billion.
This positive revision of guidance is a strong sign of the bank’s confidence in its ability to generate profits in a market environment that continues to present challenges.
The bank also announced an increase in the dividend provision share of net profit, bringing it to 50% starting in 2025, compared to the current 40%.
Impact on the market and future prospects
The UniCredit stock registered an increase of 0.7% to 43.14 euros following the publication of the results, although initial gains were reduced. This reflects investor optimism about the bank’s future performance, backed by strong fundamentals and effective asset management
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In a constantly evolving market environment, UniCredit is positioned as a key player in the European banking sector, able to adapt and respond to economic challenges. With a clear strategy and ambitious objectives, the bank is ready to face the future with determination and resilience
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