UniCredit Surges to Eight-Year High as Payout Hits $9 Billion
- Bank posts stated net profit of €2.81 billion in final quarter
- CEO Orcel has distributed almost €18 billion to investors
A logo outside a UniCredit SpA bank branch in Brescia, Italy.
Photographer: Francesca Volpi/BloombergThis article is for subscribers only.
UniCredit SpA surged to the highest in more than eight years after the bank boosted shareholder returns on 2023 profit to €8.6 billion ($9.3 billion), once again raising the payout benchmark for European banks.
UniCredit shares rose as much as 8.5% to the highest since November 2015 at the open and were up 8.2% to €28.86 as of 9:08 in Milan. The bank has tripled its value since Chief Executive Officer Andrea Orcel took over in 2021, leading gains among European banks.