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UniCredit earns more than 2,000 million in a record first quarter and improves annual forecasts

MADRID, 3 May.

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UniCredit earns more than 2,000 million in a record first quarter and improves annual forecasts


The Italian bank UniCredit registered an attributable net profit of 2,064 million euros in the first quarter of 2023, which is equivalent to multiplying by more than seven the result recorded in the same period of the previous year, as reported by the financial institution.

"The record quarter is proof that UniCredit is a transformed bank with an improved, consistent and sustainable rate of return execution," the entity noted.

In the quarter, UniCredit's turnover reached 5,930 million euros, 18.3% more than a year earlier, of which 3,298 million, 43.6% more, corresponded to net interest income, reflecting the positive effect of the interest rate environment.

Likewise, income from commissions decreased by 2% in the quarter, to 1,996 million, while income from stock market operations decreased by 14.8%, to 500 million euros.

At the end of the quarter, the Italian bank observed a CET1 capital ratio, the highest quality, of 16.05%, compared to 16% in the previous quarter and above 14% a year earlier, while the financial return on Tangible Assets (RoTe) stood at 16.8%, up from 2.3% a year earlier.

"Thanks to the solid financial results and the favorable interest rate environment, UniCredit has improved its financial guidance for 2023," announced the entity, which expects to exceed 12,600 million in net interest income and a net turnover of more than 20,300 million, as well as a net profit above 6,500 million.

Likewise, the transalpine bank expressed its intention to increase the distribution to the shareholder by 2023 to at least 5,750 million euros.

"Our liquidity is solid and our asset quality is strong," said Andrea Orcel, CEO of UniCredit. "The improved macro outlook and rate environment, positive business trends, and our continued transformation and strengthened lines of defense have allowed us to increase our 2023 guidance on key metrics," she added.

The executive also highlighted that, so far, Europe has proven to be relatively resilient to exogenous shocks and periods of greater uncertainty.