UniCredit 3Q Net Profit Beats Expectations -- Earnings Review
07 November 2019 - 11:40PM
Dow Jones News
By Pietro Lombardi
UniCredit SpA (UCG.MI) reported third-quarter results on
Thursday. Here's what you need to know:
NET PROFIT: The bank posted better-than-expected third-quarter
net profit at 1.10 billion euros ($1.22 billion) compared with a
profit of EUR29 million a year earlier. Last year, an impairment
related to the lender's stake in Turkish bank Yapi Kredi and
provisions hit the results. Analysts had forecast a net profit of
EUR1.03 billion.
REVENUE: Revenue rose 1.7% to EUR4.70 billion, beating
expectations of EUR4.58 billion.
WHAT WE WATCHED:
-REVENUE STREAMS: Revenue was boosted by higher fees and trading
income, which offset a 5% decline in net interest income.
-CAPITAL: The bank's core tier 1 ratio rose to 12.6% in
September, up from 12.1% in June.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
November 07, 2019 07:25 ET (12:25 GMT)
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