UniCredit posts Q1 profits far above forecasts

ROME, MAY 6 – Italy’s second-biggest bank UniCredit on Thursday posted first-quarter profits of 887 million euros, far above analysts’ forecasts of 396 million.
This compared with a 2.71 billion euro loss in the same quarter last year due to coronavirus linked writedowns and extraordinary items.
CEO Andrea Orcel said it would take time for the bank to recover and relaunch.
He said mergers and acquisitions may “accelerate our strategies”.
UniCredit rose 4.2% on the Milan bourse after the results were posted.
UniCredit is Italy’s second largest bank by total assets (after Intesa Sanpaolo) and the world’s 34th largest.
It was formed through the merger of Credito Italiano and Unicredito in 1998, but has a corporate identity stretching back to its first foundation in 1870 as Banca di Genova.
Unicredit is a pan-European bank with a strong presence in Western, Central and Eastern Europe.

Source: ANSA News Agency

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