UniCredit Raises 2024 Revenue Outlook After Second-Quarter Beat

By Pierre Bertrand

UniCredit raised its revenue guidance for the year after second-quarter earnings rose, beating analysts' expectations.

The Italian bank said Wednesday that net profit rose to 2.68 billion euros ($2.91 billion) from EUR2.31 billion in the same period a year ago, on revenue that grew 6.1% to EUR6.33 billion.

Net interest income--the difference between what a bank earns on loans and what it pays clients for deposits, and a major source of revenue-- rose 1.9% on year to EUR3.57 billion.

Analysts had expected net profit of EUR2.38 billion on EUR6 billion in revenue, according to a bank-provided consensus.

On the back of the quarterly increase, UniCredit said it plans to distribute around EUR1.4 billion in interim dividends, which it said would be later defined in October.

The bank also raised its revenue guidance for the year. It now expects revenue to exceed EUR23 billion for the year. It had previously guided for 2024 revenue at around EUR22.5 billion.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

July 24, 2024 01:52 ET (05:52 GMT)

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