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."
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.