MILAN – Unicredit it is stronger than expected and closes the first quarter with a marked improvement in the accounts. The banking group closes the first quarter of the year with a profit of 887 million, compared to the 396 million indicated in analysts’ estimates, and in sharp contrast with the loss of 2.71 billion in the same period of last year determined by adjustments for the coronavirus and extraordinary posts.
The group then recorded revenues of € 4.7 billion (up 10.6% quarter on quarter and 7.1% year on year). “A significant net profit driven by a notable increase in commissions (1.7 billion, up 4.3 percent year-on-year) and trading activities, a low cost of risk (at 15 basis points, down by 165 basis points quarter on quarter) due to seasonality supported by value recoveries, and continuous cost discipline: all this more than offset the impact of market conditions still unfavorable for the interest margin “(2.2 billion , down 3.1 percent quarter on quarter), underlined the CEO of Unicredit, Andrea Orcel.
“We will need time to relaunch and strengthen the business, moving from a downsizing phase to one characterized by disciplined growth in profitability and healthy and organic capital creation,” added Orcel. “We will strengthen customer centricity in everything we do. We will achieve greater integration of technology into our businesses and simplify the way we work by removing the obstacles that prevent us from providing our customers with adequate service.”
.