ROME (dpa-AFX) - Italian lender UniCredit SpA (UCG, UNCFF.PK) reported that its first quarter net profit was 247 million euros, down 70.2 per cent from the prior year. Earnings per share were 0.11 euros, down 70.3 percent from the previous year.
Total revenues were 5.0 billion euros, up 7.3 percent from prior year.
Excluding the impact of Russia, quarterly net profit was 1.2 billion euros, up 48.0 percent from the prior year. Net revenues were 4.7 billion euros, up 7.9 percent year on year.
In the first quarter the Group booked 1.3 billion euros Loan Loss Provisions almost entirely against Russia.
UniCredit confirmed its financial guidance for 2022, adjusted for the impact of Russia. This is based on the UniCredit macroeconomic base case scenario of UniCredit footprint GDP growth of around 2.6 percent in 2022 and 3.1 percent in 2023, with inflation assumed at 5.9 percent in 2022 and 2.4 percent in 2023.
The Bank continues its focus on the execution of the 2022-2024 Strategic Plan to fully unlock the value of UniCredit and is committed to deliver attractive and sustainable returns, with the ambition to return at least 16 billion euros to shareholders by 2024.
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