8/6/2020, 7:11 AM (Source: TeleTrader)
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Unicredit Q2 revenue falls 7.7% YoY to €4.2B

UniCredit S.p.A. reported on Thursday that its total revenues amounted to €4.17 billion in the second fiscal quarter of 2020, representing a 7.7% fall from the same timeframe a year ago.

Operating profit was 16.6% lower on a yearly basis, landing at €1.73 billion, while net profit stood at €432 billion, plummeting 32.1% from the second trimester in 2019. Net interest income declined 4.5% year over year to €2.39 billion in the second three month period.

"Today, we confirm our FY20 cost of risk at 100-120 bps and have a conservative view on LLPs in the coming quarters. We also confirm our target of €3 to €3.5 bn underlying net profit for FY21 and, as previously announced, we have committed to reinstating our Team 23 capital distribution policy in 2021 for FY20 onwards, including gradually returning any excess capital to shareholders," CEO Jean Pierre Mustier said in a statement.

Baha Breaking News (BBN) / MS