(ANSA) - MILAN, MAY 06 - Unicredit closes the first quarter of 2021 with a profit of 887 million and is largely above the analysts' estimates, which foresaw 396 million.
The result compares with the loss of 2.71 billion in the same period last year caused by adjustments for the coronavirus and extraordinary items.
The group then recorded revenues of € 4.7 billion (up 10.6% quarter on quarter and 7.1% year on year. "A significant net profit driven by a significant increase in commissions (1.7 billion, up 4.3 percent year-over-year) and trading activities, a low cost of risk (at 15 basis points, down 165 basis points quarter over quarter) due to seasonality supported by value recoveries, and continued cost discipline : all this more than offset the impact of market conditions still unfavorable for the interest margin "(2.2 billion, down 3.1 percent quarter on quarter), underlines the CEO of Unicredit, Andrea Orcel.
"We will need time - continues Orcel - to relaunch and strengthen the business, passing from a downsizing phase to one characterized by a disciplined growth in profitability and a creation of organic and healthy capital". (HANDLE).