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UniCredit Q3 Profit Surges; Affirms FY19 Outlook - Quick Facts

Italian lender UniCredit SpA (UCG,UNCFF.PK) on Thursday said its net profit attributable to the Group for the third quarter surged to 1.10 billion euros from 29 million euros last year.

The year-ago quarter's results include an impairment of 846 million euros.

Adjusted net profit was also 1.10 billion euros, up 25.7 percent from 875 million euros in the prior-year quarter.

Net operating profit for the quarter was 1.7 billion euros, up 18 percent from the year-ago period.

Total revenues for the quarter rose 1.7 percent to 4.70 billion euros from 4.62 billion euros last year, mainly due to higher trading income and fees that compensated for the lower net interest income.

Net Interest Income or NII declined 5 percent from the year-ago period to 2.6 billion euros.

Looking ahead to fiscal 2019, UniCredit continues to expect an adjusted net profit of 4.7 billion euros. Further, the company confirmed its revenue guidance of 18.7 billion euros, and cost target of 10.1 billion euros.

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