MILAN: UniCredit on Wednesday confirmed its profit outlook for the year after reporting a higher-than-expected quarterly income thanks to trading gains.
Italy’s second-biggest bank said net profit in the July-September quarter was 2.6 billion euros ($3 billion), beating a company-provided analyst consensus forecast of 2.4 billion euros.
Revenues were similarly ahead of analyst expectations thanks to income from the bank’s trading activity, which more than doubled in the quarter versus the previous three months.
It confirmed a profit goal for the year of 10.5 billion euros.
UniCredit said its ambition was to grow the net profit above 11 billion in 2027 despite a challenging macroeconomic backdrop, helped by the contribution to earnings from stakes in Germany’s Commerzbank and Greece’s Alpha Bank.
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