ROME (dpa-AFX) - Italian lender UniCredit SpA (UCG, UNCFF.PK) reported that its first quarter net profit climbed to 2.06 billion euros from 274 million euros in the prior year, reflecting very strong net interest income and further cost reduction.
Net revenues were 5.8 billion euros, an increase of 56.5% year on year. Net interest income was 3.3 billion euros, up 43.6% from the prior year.
UniCredit has improved its financial guidance for 2023 to net interest income of over 12.6 billion euros, net revenues above 20.3 billion euros and net profit above 6.5 billion euros, setting a new baseline for 2024-2025. The company has increased its shareholder distribution intention for 2023 to at least 5.75 billion euros.
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