UniCredit posts higher-than-expected second quarter profit
MILAN, July 24 (Reuters) -UniCredit CRDI.MI reported on Wednesday a larger-than-expected 5% quarterly rise in net profit for the three months through June, as revenues in the period held up better than anticipated compared with the start of the year.
UniCredit said net profit came in at 2.7 billion euros ($2.9 billion) for the second quarter, above a 2.36 billion euro average forecast from analysts polled by the bank.
Profit is up 16% from a year earlier.
Revenues posted a smaller-than-anticipated 0.7% quarterly drop to 6.3 billion euros in the period, with rising net fees offsetting a reduction in the net lending income.
UniCredit slightly raised its revenue forecast for the year to above 23 billion euros, but stood by a 2024 net profit goal of more than 8.5 billion euros, of which it plans to distribute at least 90% to shareholders mostly through share buybacks.
($1 = 0.9219 euros)
Reporting by Valentina Za; Editing by Jacqueline Wong
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