UniCredit raises guidance after Italian bank posts record results

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UniCredit raises guidance after Italian bank posts record results
Credit: © Reuters.

Investing.com -- UniCredit SpA (BIT: CRDI ) shares jumped up to near the top of the pan-European Stoxx 600 on Wednesday after the Italian lender boosted its full-year guidance, following a record bottom-line result in the first three months of 2023.

Net income in the first quarter surged by more than seven-fold compared to the corresponding period in the prior year to €2.06 billion, well above Bloomberg consensus estimates of €1.37B.

In a statement, the Milan-headquartered bank said it was boosted by an environment of elevated interest rates and strong fees. Total revenues grew by more than 18% year-on-year to €5.93B, also topping projections.

UniCredit subsequently hiked its guidance for net profit in its 2023 fiscal year to greater than €6.5B. The group previously said in the fourth quarter that it anticipated that the figure would be "broadly in line" with the 2022 total of €5.2B, after taking into account Additional Tier 1 debt and coupons on financial instruments known as CASHES.

Chief executive Andrea Orcel noted that the business had anticipated a "difficult macroeconomic scenario" in Europe, adding that it will continue to deliver "consistent, high-quality profitable growth."

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