UNICREDIT-0.95%
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.