Unicredit said Tuesday that it made a
record net profit of 6.7 billion euros in the first nine months
of 2023, a 67.7% increase compared to the equivalent period last
year.
The Italian bank said its net profit in the third quarter was
2.3 billion euros, well above expectations.
The third quarter result reflects consistent growth across all
regions, with 5.8 billion of net revenues in 3Q23, an increase
of 23.1% year on year, driven by net interest income of €3.6
billion, up 45.0% year on year mainly due to higher rates and
well managed deposit pass-through, the lender said
"We have been able to achieve such results thanks to UniCredit's
industrial and cultural transformation," said CEO Andrea Orcel.
"We have moved from a disparate collection of 13 institutions,
to one single Group working in harmony - with access to 15
million clients and 13 markets across Europe. We continue to
drive the next phase of the transformation, which will further
enhance our capabilities and the financial results we are able
to deliver.
"At a time of heightened uncertainty in Europe, we are not only
focused on delivering strong results today, but also on
protecting the future, by investing in our factories, people and
technology.
"This investment will create a firm foundation for ongoing
financial excellence. I am confident and excited about what lies
ahead for UniCredit.
"Our fundamentals are stronger than ever, and we are well on our
way to fulfilling our ambition of becoming the Bank for Europe's
Future".
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