8/7/2019, 7:04 AM (Source: TeleTrader)
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Unicredit reports revenue fall of 4.6% to €4.5B

Unicredit said its revenues in the second quarter of 2019 came it at €4.5 billion, falling 4.6% year-on-year. Meanwhile, net income jumped 81% in the same period to €1.8 billion but came in under market expectations.

The company said it decreased the Italian government bond portfolio by €2 billion from the previous quarter to €49 billion.

CEO Jean Pierre Mustier stated: "We delivered another solid set of results in the first half of 2019 in what was a tough macroeconomic environment. We remain confident in the underlying fundamentals of Italy and the wider Europe. UniCredit continues to successfully finance the real economy everywhere it operates." He added: "In the prevailing environment with rates expected to be lower for much longer, we adjust our full-year 2019 revenue guidance from €19 billion euro to €18.7 billion. In terms of non-core gross NPEs they have been cut dramatically and will be closer to 10 billion euro at the end of 2019, well below our initial Transform 2019 target."

Breaking the News / VP