UniCredit beats expectations with rise in profits / Photo: MARCO BERTORELLO - AFP/File
-
'Amazing' feeling for Rees-Zammit on Wales return after NFL adventure
-
'Cruel' police raids help, not hinder, Rio's criminal gangs: expert
-
S. African president eyes better US tariff deal 'soon'
-
Sinner cruises in Paris Masters opener, Zverev keeps title defence alive
-
Winter Olympics - 100 days to go to 'unforgettable Games'
-
Kiwi Plumtree to step down as Sharks head coach
-
France to charge Louvre heist suspects with theft and conspiracy
-
US media mogul John Malone to step down as head of business empire
-
'Never been this bad': Jamaica surveys ruins in hurricane's wake
-
France adopts consent-based rape law
-
Zverev survives scare to kickstart Paris Masters title defence
-
Rabat to host 2026 African World Cup play-offs
-
Wolvaardt-inspired South Africa crush England to reach Women's World Cup final
-
US says not withdrawing from Europe after troops cut
-
WHO urges Sudan ceasefire after alleged massacres in El-Fasher
-
Under-fire UK govt deports migrant sex offender with £500
-
AI chip giant Nvidia becomes world's first $5 trillion company
-
Arsenal depth fuels Saka's belief in Premier League title charge
-
Startup Character.AI to ban direct chat for minors after teen suicide
-
132 killed in massive Rio police crackdown on gang: public defender
-
Pedri joins growing Barcelona sickbay
-
Zambia and former Chelsea manager Grant part ways
-
Russia sends teen who performed anti-war songs back to jail
-
Caribbean reels from hurricane as homes, streets destroyed
-
Boeing reports $5.4-bn loss on large hit from 777X aircraft delays
-
Real Madrid's Vinicius says sorry for Clasico substitution huff
-
Dutch vote in snap election seen as test for Europe's far-right
-
Jihadist fuel blockade makes daily life a struggle for Bamako residents
-
De Bruyne goes under the knife for hamstring injury
-
Wolvaardt's 169 fires South Africa to 319-7 in World Cup semis
-
EU seeks 'urgent solutions' with China over chipmaker Nexperia
-
Paris prosecutor promises update in Louvre heist probe
-
Funds for climate adaptation 'lifeline' far off track: UN
-
Record Vietnam rains kill seven and flood 100,000 homes
-
Markets extend record run as trade dominates
-
Sudan govt accuses RSF of attacking mosques in El-Fasher takeover
-
Rain washes out 1st Australia-India T20 match
-
Spain's Santander bank posts record profit
-
FIA taken to court to block Ben Sulayem's uncontested candidacy
-
Chemicals firm BASF urges EU to cut red tape as profit dips
-
Romania says US will cut some troops in Europe
-
Israel hits dozens of targets as Gaza sees deadliest night since truce
-
Mercedes-Benz reassures on Nexperia chips as profit plunges
-
France tries Bulgarians over defacing memorial in Russia-linked case
-
BBC says journalist questioned and blocked from leaving Vietnam
-
UK drugmaker GSK lifts 2025 guidance despite US tariffs
-
Mercedes-Benz profit plunges on China slump and US tariffs
-
South Korea gifts Trump replica of ancient golden crown
-
Record Vietnam rains kill four and flood 100,000 homes
-
Norway's energy giant Equinor falls into loss
NYSE - LSE
| CMSD | -0.28% | 24.57 | $ | |
| JRI | -1.59% | 13.83 | $ | |
| BCC | -2.74% | 70.44 | $ | |
| CMSC | 0.28% | 24.327 | $ | |
| RIO | 0.83% | 72.59 | $ | |
| SCS | -3.96% | 16.045 | $ | |
| NGG | -1.28% | 75.68 | $ | |
| RYCEF | -0.65% | 15.36 | $ | |
| RBGPF | -0.11% | 79 | $ | |
| BTI | -1.44% | 51.715 | $ | |
| AZN | -0.79% | 81.96 | $ | |
| BP | 2.27% | 35.26 | $ | |
| GSK | 4.9% | 45.95 | $ | |
| BCE | -0.62% | 23.425 | $ | |
| RELX | -3.31% | 44.75 | $ | |
| VOD | -2.86% | 11.895 | $ |
UniCredit beats expectations with rise in profits
Italy's second largest bank, UniCredit, beat analyst expectations on Wednesday with record third-quarter profits as higher commissions and cost cutting measures outweighed lower interest income.
The 4.7-percent gain in net profit to 2.6 billion euros ($3.0 billion), easily outstripping the consensus forecast of just under 2.4 billion euros compiled by Bloomberg.
Over the first nine months of the year, UniCredit's net profits rose by 12.9 percent to 8.7 billion euros.
The bank confirmed its 2025 net profit target of 10.5 billion euros excluding measures to boost future performance, and its medium-term target of surpassing 11 billion euros in 2027.
"We are on track to deliver our best year ever," said chief executive Andrea Orcel.
UniCredit said it "continues to unlock opportunities from recent strategic initiatives, which are expected to further strengthen recurring earnings and capital generation" in 2026 and 2027.
UniCredit surprised markets last year by announcing in September last year that it had built up a nine-percent stake in its German rival, Commerzbank.
Last month Orcel said the stake would rise to around 30 percent by the end of the year, bringing it closer to a possible takeover, which has provoked uproar in Germany.
If the stake rises above 30 percent UniCredit would be obliged to launch a public share offer.
UniCredit shares fell 2.3 percent in morning trading while Milan stocks were down 0.8 percent overall.
A.Suleiman--SF-PST