Revamped UniCredit delights diluted shareholders

Jean-Pierre Mustier UniCredit
By Owen Sanderson
03 Aug 2017

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.

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