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UniCredit Raises 2022 Guidance as Profit Doubles Estimates

  • Net income at 2.01 billion euros, about twice analyst estimate
  • 2022 target now about 4 billion euros, from 3.3 billion euros
Updated on

UniCredit SpA posted second-quarter profit that almost doubled analyst expectations, prompting the lender to lift its full-year target in anticipation of further gains from rising interest rates in Europe.

Net income was 2 billion euros ($2 billion), compared with the 1.02 billion euros estimated by analysts. Above-expectation revenues, the absence of fresh loan-loss provisions, and the performance of the bank’s Russia subsidiary, boosted the result. The full-year adjusted profit target excluding Russia now stands at 4 billion euros, up from 3.3 billion euros previously.