ROME (dpa-AFX) - UniCredit (UCG, UNCFF.PK) reported third-quarter underlying net profit of EUR 0.7 billion, up 31.1% quarter on quarter on higher revenues, continued cost discipline and accelerated business model changes.
Further, the company noted that it is on track to meet its fiscal 2020 underlying net profit target of over EUR 0.8 billion, and confirmed fiscal 2021 target of EUR 3 billion - EUR 3.5 billion.
Jean Pierre Mustier, Chief Executive Officer of UniCredit S.p.A., said, 'We continue to benefit from the successful execution of Transform 2019 as well as our Team 23 initiatives, and thanks to the acceleration of business model changes we have improved our gross savings target for Team 23 by 25 per cent to €1.25 billion.'
Copyright RTT News/dpa-AFX