Revamped UniCredit delights diluted shareholders
UniCredit’s turnaround plan, which featured a €13bn rights issue and a €17bn NPL sale, seemed well on track on Thursday, as the bank smashed profit expectations for the second quarter with €945m, sending the shares soaring more than 7%. The bank itself prefers to cite a €1.3bn profit figure, stripping out currency translation effects from the sale of its Polish bank Pekao.
Analysts from UBS said that there was “little to fault in the quarter”, with better earnings from fees and trading, a lower cost of risk, and better organic capital generation than had been expected. Street consensus was for €676m of profit, but the bank managed €945m.After the end of ...
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org