Unicredit posted a record net profit of 8.6 billion euros in 2023, up more than 50% over the previous year, the group said in a statement on Monday.
This is higher than the 7.9 billion net profit forecast by analysts.
In the fourth quarter of 2023 net profit stood at 1.9 billion euro, compared to 1.4 billion euro in the same period of 2022.
"4Q23 was the twelfth consecutive quarter of quality profitable growth, indisputable proof of our unique and winning strategy," said CEO Andrea Orcel .
"It illustrates what we can achieve when we put clients at the center of what we do and focus on executing our industrial transformation, with all thirteen countries of our pan-European franchise contributing to our success," he added.
Orcel also said the group intends to distribute 100% of netprofit for 2023 to shareholders, "pending approvals, up €3.35billion versus prior year while increasing our CET1 ratio around100 bps to 15.9%".
"Since 2021, we will have returned this year €17.6 billion to our shareholders, underpinned by extremely strong organic capital generation and with sustainability of returns secured by our strategic momentum and significant excess capital," headed.
Unicredit gained over 10% on the Milan stock exchange in Monday morning trading following publication of the FY20 and 4Q23results.
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