UniCredit 2Q Profit, Revenue Beat Estimates
30 Julho 2021 - 2:53AM
Dow Jones News
By Mauro Orru
UniCredit SpA posted profit and revenue well ahead of analysts'
estimates for the second quarter, with loan loss provisions down
from the high levels seen last year.
The Italian bank said Friday that net profit surged to 1.03
billion euros ($1.22 billion) from EUR420 million a year earlier,
above analysts' median estimate of EUR720 million based on
company-provided consensus.
Provisions for credit losses fell to EUR360 million from EUR937
million last year, when banks were bracing for potentially huge
losses on loans to consumers and businesses due to the coronavirus
pandemic.
Analysts had expected provisions of EUR632 million.
Quarterly revenue climbed to EUR4.40 billion from EUR4.17
billion, above analysts' forecast of EUR4.26 billion.
UniCredit's net interest income--the difference between what
lenders earn from loans and pay for deposits, and a key profit
driver for retail banks--slipped to EUR2.20 billion from EUR2.39
billion.
Net fees and commissions rose to EUR1.67 billion from EUR1.38
billion, with net trading income up 19.1% on year to EUR425
million.
For 2021, UniCredit continues to expect revenue of about EUR17.1
billion and costs of EUR9.9 billion. However, it improved guidance
for underlying cost of risk to below 40 basis points, equivalent to
underlying loan loss provisions of less than EUR1.8 billion.
Underlying net profit should be above EUR3 billion.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
July 30, 2021 01:40 ET (05:40 GMT)
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