By Cristina Roca and Mauro Orru

Shares of Italy's UniCredit SpA jumped Thursday after Chief Executive Andrea Orcel announced the bank would raise its guidance for the year when it reports third-quarter results next month, saying the lender is well-prepared to navigate economic turbulence arising from Russia's invasion of Ukraine and achieve its targets even during a recession.

At 1015 GMT, UniCredit shares traded 5.7% higher at EUR11.29.

Speaking at a conference in London on Thursday, Mr. Orcel said the lender would substantially upgrade 2022 guidance in the third quarter. UniCredit had already raised forecasts for the year in July, projecting revenue, excluding Russia, of at least 16.7 billion euros ($16.43 billion).

Mr. Orcel also said he was optimistic about next year "given the lines of defense and the momentum we have."

Skyrocketing inflation is forcing the European Central Bank to increase interest rates and European banks have started to reap higher profits from rising rates.

Write to Cristina Roca at cristina.roca@wsj.com and Mauro Orru at mauro.orru@wsj.com

(END) Dow Jones Newswires

September 22, 2022 06:40 ET (10:40 GMT)

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