MILAN – Unicredit closes 2021 with a net profit of 1.5 billion, and an underlying net profit of 3.9 billion, higher than the average expectations of investors set at 3.7 billion. The year before, the second Italian bank had closed at a loss. The fourth quarter of 2021, however, formally closed in the red for 1.4 billion, against one-off restructuring costs, mainly linked to the definitive sale of Construction loans, in Turkey. But on the day of the presentation of the accounts, the announcement of the renouncement of submitting an offer for the Russian institute Otkritie, which the CEO Andrea Orcel has linked to the tensions on the Ukrainian dossier, takes center stage.
The CEO, who in recent days had participated in the controversial videoconference of Italian managers with Putin, explained that in the face of the geopolitical context, Unicredit has decided to withdraw from the data room on the Russian bank Discovery. “We are satisfied with our presence in Russia and are committed to maintaining it, also because the size of our total assets does not have a negative impact on the cost of risk”, he said. According to the reconstructions of the Russian press in recent days, Unicredit (which has been present in Russia since 1989) had been invited to view the cards of what in 2017 was the largest private bank in Russia, but then it was saved with public money and today it is back on sale. In recent days, the European Central Bank has warned the institutions present in Russia to prepare for the application of sanctions against the country in the event of an invasion of Ukraine.
Returning to the accounts and strategy, the institute expects a considerable remuneration to shareholders of around 3.75 billion euros with a cash dividend proposal of around 1.17 billion and share buybacks for around 2.58 billion euros. “It is the highest in the history of the bank,” said CEO Andrea Orcel, who arrived nine months ago at the helm of the group that had returned from years of meager remuneration to shareholders. The proposal will be presented to the assembly on April 8th.
“The excellent results in 2021 are the result of the incisive actions taken during the year, the progressive emergence of our corporate culture, the dedication of our employees and the continued trust of our customers. We have exceeded the targets for the year in terms of revenues, costs and underlying net profit, producing a 7.3% Rote and sizable organic capital generation, “he said Andrea Orcel, CEO of Unicredit, commenting on the 2021 accounts.
In the first written comments, the operators appreciated the quality of the round of accounts released by the bank: the interest margin and the commissions, among the revenues, are higher than expected, the costs are falling again and remain under control, despite some provisions in more on credits. Even Cet 1 primary capital, despite the reduction from 15.50% to 14.13% of risk assets in three months, is 30 basis points higher than the overall estimates. The Unicredit share follows the transferring trend of Piazza Affari, with a loss of a few tenths lower than the Euro Stoxx sector index of European banks.
Speaking with financial analysts, Orcel returned to detail the strategy on future acquisitions, which has been much speculated in the past months, even in the face of negotiations with the Treasury to buy the majority of MPS assets. Negotiation also vanished last fall. “We already have a lot of value, so the bar is high: we can participate in discussions but this does not mean that they will lead to an agreement – said the banker -. If there are opportunities in line with our criteria, also in Italy. , we will consider them, in the best interests of the shareholders “. Orcel added that the acquisitions, however, will not change the remuneration policy decided for shareholders, which has returned to being generous after the estimates released in the December strategic plan.
Meanwhile, the banking giant is strengthening its network of alliances. UniCredit and Allianz – the groups explain in a note – have signed an international framework agreement that lays the foundations for a better collaboration in favor of the clients of both groups, who boast a very successful partnership in the bancassurance sector since 1996. he agreement covers Italy, Germany, Central and Eastern Europe and maximizes the contribution of both partners to the future creation of value.
Joint investments are planned (including the training and marketing sectors) aimed at seamless integration of processes and accelerating their digitization. The foundations will also be laid – explain the press releases – for a collaboration between the two groups in the insure-banking sector, allowing UniCredit to offer its best banking products to customers through Allianz open platforms in Germany, Italy and other countries. . In Italy, Germany, Central and Eastern Europe, UniCredit has over 15 million customers and the Allianz Group more than 30 million.