Very positive quarterly and nine-month results for Unicreditwhich after having grown for fifteen consecutive quarters, revises the guidance for the current year and the prospects for the following years upwards, also offering a more attractive return for shareholders and laying the foundations for future growth.
The results of the quarter
In the third quarter of the year, i total revenues stood at 6.1 billion, up 2.9% compared to the previous year, driven by commissions (+8.5%), partially offset by the interest margin (-1%) and income from trading activities (-7.7%). net revenues reached 6 billion in the quarter, up 2.6% on year, while the gross operating margin ha exceeded 3.8 billion (+5.7%).
Net profit stood at 2.5 billion, an increase of 8.2% compared to the same period of the previous year and above market estimates (2.2 billion). This is the fifteenth consecutive quarter of growth.
Nine months of growth
The results as of September 30, however, highlight a net profit of 7.7 billion euros, up 16% compared to the same period last year.
THE total revenues they stood at 18.8 billion, in 5.5% increase compared to the previous year, driven by all revenue components: interest margin (+3%), commissions (+7.2%) and trading income (+4.7%). The gross operating margin grew by 9.8% to 11.9 billion.
Solid CET1 ratio at 16.1% despite the impact of strategic investments, supported by record organic capital generation of €3.5 billion1 in the quarter.
Guidance 2024 revised upwards
The bank in Piazza Gae Aulenti, thanks to the good results achieved so far, has revised upwards guidance for 2024 net profitincreased to over 9 billionor approximately 10 billion adjusted. However, the distribution of one has been confirmed dividend for fiscal year 2024 in line with the previous year.
For fiscal years 2025 and 2026the bank has the ambition to achieve a net profit exceeding 9 billion and a profit distribution higher than that of 2024. The provision of dividend will be increased from 40% to 50% of net profit starting from the results of the 2025 financial year
New phase of the Plan
The bank now inaugurates a “new phase of the plan” and – he states – “after the success of our transformation, we still have one more ahead of us quality sustainable growth“.
“It is clear that we have rebuilt our ability to transform, adapt and excel, supported by a clear, coherent and essential strategic vision,” he underlined CEO Andrea Orceladding “as a demonstration of the confidence we place in our sustainable and quality growth, we will increase our dividend to 50% of profit net starting in 2025, up from the current 40%, given the strength of our earnings and our organic capital generation. Over the course of the cycle, we will continue to demonstrate solid profitability and excellent distributions”.
A mention could not be missedCommerzbank operationwith respect to which the CEO states that “it may or may not lead to a complete combination“, “in line with our disciplined approach towards inorganic options, which we continue to evaluate according to stringent financial criteria, while maintaining optionality for the future, but the priority remains “the commitment to accelerate our undisputed leadership in the industry and to achieve our ambitions organic growth“.
