ROME (dpa-AFX) - Italian lender UniCredit SpA (UCG, UNCFF.PK) reported Thurday that its second-quarter net profit fell 77.4 percent to 420 million euros from last year's 1.85 billion euros.
Underlying net profit for the quarter was 0.53 billion euros, compared to 1.03 billion euros in the year-ago period. Net interest declined 4.5 percent from last year to 2.39 billion euros, while net fees and commissions decreased 11.8 percent to 1.38 billion euros.
Total revenues for the quarter declined 7.7 percent to 4.17 billion euros from 4.52 billion euros a year ago, as lockdowns in core markets for majority of quarter resulted in lower commercial fees.
Looking ahead, UniCredit confirmed its our outlook for fiscal 2021 underlying net profit of 3 billion euros to 3.5 billion euros.
As previously announced, the company has committed to reinstating its Team 23 capital distribution policy in 2021 for fiscal 2020 onwards, including gradually returning any excess capital to shareholders.
Copyright RTT News/dpa-AFX