If he could ask only one thing from the Meloni government, UniCredit number one Andrea Orcel would ask “not to deviate from the reformist push introduced by the Draghi government and unload the PNRR, maintaining the cohesion of the majority”. Thus the CEO of Piazza Gae Aulenti, in an interview with La Stampa. “I met her once. It made an excellent impression on me: it is direct, clear and, in my opinion, coherent ”, said Orcel, speaking of Prime Minister Giorgia Meloni.
“There is no doubt that the Draghi government has enjoyed a strong international reputation – explained Orcel, questioned on the day UniCredit reported the results of the third quarter and the first nine months of 2022 – Having said that, it must be admitted that the the way in which we carried out the elections, the speed and seriousness with which the government was formed, were exemplary. If we start to govern and keep the bar on reforms and the NRP, I believe that everyone will be surprised by the positive momentum that Italy can take ”.
UniCredit announced yesterday, Wednesday 26 October, the accounts relating to the third quarter and the first nine months of the year 2022.
Excluding Russia, net profit stood at € 1.3 billion, down 9.9% on a quarterly basis, but up 31.1% on an annual basis. Including Russia, net income was € 1.7 billion in the third quarter, better than expected by the consensus, which had estimated a net book profit of 1.004 billion including Russia for the led bank Andrea Orcel. Profit also higher than Bloomberg’s outlook, which had forecast a net profit of 1.05 billion. Overall, in the first nine months of 2022, UniCredit’s net profit rose to 4 billion, a value that exceeded the full year of 2021.
Total revenues excluding Russia amounted to € 4.5 bn in the third quarter, up 0.2 per cent Q / Q and 4.5 per cent y / y.
“Net of the one-off negative impact linked to TLTRO III, total revenues amounted to € 4.8 bn, up 7.2 per cent Q / Q and up 11.8 per cent y / y , driven by the growth in the interest margin, thanks to the context of interest rates and income from trading activities that reflect commercial activity “. The consensus had forecast total revenues of 4.51 billion euros.
UniCredit has improved guidance for the whole of 2022: excluding Russia, the group now estimates net revenues of over 17.4 billion (from the 16.7 billion expected by the bank previously), a cost-to-income ratio of 51% and a net profit exceeding 4.8 billion (from the approximately 4 billion previously expected). Pro forma CET1 Ratio for 2022 distribution is expected to be above 14.5% (from> 13%) “.
Orcel also stressed that “the momentum of 2022 results, the generation of organic capital above the plan and the continuous strengthening of our balance sheet create a solid basis for a distribution at least equal to that of 2021, pending the dynamics of the fourth quarter and the approval of supervisory authorities and shareholders “. And that, “once the share buyback is completed, we will have respected the commitment to distribute 3.75 billion to shareholders in 2021”.