UniCredit SpA announced its fourth quarter results on Tuesday. Here’s what you should know:
Net profit: The Italian bank reported a net profit of €2.46 billion ($2.67 billion), compared with a loss of €883 million in the fourth quarter of 2021. Analysts had forecast a net profit of 1.16 billion euros, according to the company. consensus has been reached.
Loan impairment charges: Loan impairment charges decreased from €810 million to €528 million. Analysts had expected provisions of €851 million.
Revenue: Revenue increased by 29% to €5.72 billion. UniCredit was expected to post revenue of €5.15 billion.
What we saw:
– Guidance: UniCredit expects net revenues of over €18.5 billion in 2023, with net income broadly in line with 2022. UniCredit’s risk forecast cost of 30 to 35 basis points is also better than the consensus of about 55 basis points, she said. UniCredit’s guidance on net interest income (the difference between what lenders get from loans and deposit payments) exceeds her €11.3bn, above consensus of about €10.9bn.
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