1/31, 7:15 AM (Source: TeleTrader)
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UniCredit's Q4 revenue surges 25.4% to €5.36B

UniCredit revealed on Tuesday that its revenue in the fourth quarter of 2022 amounted to €5.36 billion, jumping by 25.4% compared to the same period a year earlier. The Italian lender's net operating profit surged to €2.34 billion, and net profit stood at €1.44 billion. Operating costs were rose 3.8%, while the bank's CET1 ratio was strong at 16%.

For the entire year, the revenue soared 10% to €19.1 billion, while its net operating profit skyrocketed 41.2% to land at €8.79 billion. The underlying net profit of the Italian bank reached €5.4 billion.

"Double digit net revenue growth year on year was underpinned by positive commercial momentum, a supportive interest rate environment, cost reduction while investing for the future and despite unprecedented inflation, and an ongoing low cost of risk," UniCredit CEO Andrea Orcel commented.

Baha Breaking News (BBN) / AB