5/6, 7:11 AM (Source: TeleTrader)
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UniCredit's revenue at $4.7B, up 7.1% YoY

Italian banking giant UniCredit SpA announced on Thursday its revenue increased 7.1% in the first quarter to reach a figure of €4.7 billion. The bank's net operating profit jumped to €2.1 billion from €624 million in the first quarter of 2020, while the stated net income was at €887 million.

Operating expenses stood at €2.4 billion, 3.1% less than 12 months ago. This resulted in the lowest quarterly cost/income ratio in over a decade, at 51.5%. The bank's CET1 ratio was strong at 15.92%.

"As we look to the future, it will take time to re-energise and strengthen the business, moving from a period of active retrenchment to one defined by disciplined profitable growth and healthy organic capital generation. We will reinforce client centricity in everything we do. We will deliver increased integration of technology and simplify the business as we seek to remove blockers and obstacles that prevent us from adequately serving our clients," stated Chief Executive Officer of UniCredit SpA Andrea Orcel.

Breaking the News / MJ