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    UCG   IT0005239360

UNICREDIT S.P.A.

(UCG)
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UniCredit 2Q Profit, Revenue Beat Estimates

07/30/2021 | 01:41am EDT

By Mauro Orru

UniCredit SpA posted profit and revenue well ahead of analysts' estimates for the second quarter, with loan loss provisions down from the high levels seen last year.

The Italian bank said Friday that net profit surged to 1.03 billion euros ($1.22 billion) from EUR420 million a year earlier, above analysts' median estimate of EUR720 million based on company-provided consensus.

Provisions for credit losses fell to EUR360 million from EUR937 million last year, when banks were bracing for potentially huge losses on loans to consumers and businesses due to the coronavirus pandemic.

Analysts had expected provisions of EUR632 million.

Quarterly revenue climbed to EUR4.40 billion from EUR4.17 billion, above analysts' forecast of EUR4.26 billion.

UniCredit's net interest income--the difference between what lenders earn from loans and pay for deposits, and a key profit driver for retail banks--slipped to EUR2.20 billion from EUR2.39 billion.

Net fees and commissions rose to EUR1.67 billion from EUR1.38 billion, with net trading income up 19.1% on year to EUR425 million.

For 2021, UniCredit continues to expect revenue of about EUR17.1 billion and costs of EUR9.9 billion. However, it improved guidance for underlying cost of risk to below 40 basis points, equivalent to underlying loan loss provisions of less than EUR1.8 billion. Underlying net profit should be above EUR3 billion.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

07-30-21 0140ET

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Analyst Recommendations on UNICREDIT S.P.A.
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Financials
Sales 2021 17 409 M 20 466 M 20 466 M
Net income 2021 2 759 M 3 243 M 3 243 M
Net Debt 2021 - - -
P/E ratio 2021 8,32x
Yield 2021 4,21%
Capitalization 23 935 M 28 159 M 28 138 M
Capi. / Sales 2021 1,37x
Capi. / Sales 2022 1,37x
Nbr of Employees 80 879
Free-Float 86,8%
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UniCredit S.p.A. Technical Analysis Chart | UCG | IT0005239360 | MarketScreener
Technical analysis trends UNICREDIT S.P.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Last Close Price 10,60 €
Average target price 11,60 €
Spread / Average Target 9,46%
EPS Revisions
Managers and Directors
Andrea Orcel Chief Executive Officer
Stefano Porro Group Chief Financial Officer
Pietro Carlo Padoan Chairman
Ranieri de Marchis Co-COO & General Manager
Carlo Vivaldi Co-Chief Operating Officer
Sector and Competitors