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UniCredit Q1 net profit climbed 40 percent

Staff Writer |
UniCredit reported that its first-quarter net profit climbed 40 percent from last year to 907 million euros, with improvement in all divisions.

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Gross operating profit was up by 14.6 percent, and net operating profit was up by 36.1 percent.

Revenues came to 4.8 billion, an increase of 3.4 percent year-on-year. The company generated resilient recurring revenues underpinned by solid NII and strong fees generation. Trading profit benefited from large client driven transactions.

NII stabilized at 2.6 billion euros, while fees increased by 4.5 percent.

Operating costs dropped 3 percent, thanks to Transform 2019 Actions.

Jean Pierre Mustier, Chief Executive Officer, said, "UniCredit had an encouraging first quarter with all core business lines contributing positively to the Group...

"We also confirm our 2017 NII objective of 10.2 billion and an end of year fully loaded CET1 ratio above 12 per cent. We are already seeing early but tangible results of our Transform 2019 plan."

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