UniCredit’s net profit for 2024 targets Reuters by more than € 4.5 billion
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MILAN (Reuters) – UniCredit says its net profit will grow by an average of 10% a year by 2024, with a commitment of more than 4.5 billion euros ($ 5 billion) in commission revenue.
On Thursday, UniCredit unveiled a new three-year strategy led by Andrea Orcel in April. The former head of UBS’s investment bank has pledged to increase profitability after restructuring Italy’s second-largest lender under former CEO Jean Pierre Mustier.
The shares extended their gains after their release, gaining 5.2% at 0916 GMT. The stock is still well below pre-COVID levels and is trading at a deeper discount than its peers after the pandemic diverted Mustier’s capital distribution plans.
UniCredit said it intends to pay at least 16 billion euros between 2021 and 2024 to shareholders.
The bank said it saw a net profit of 2022 in excess of € 3.3 billion, almost unchanged by 2021 based on its new definition of net driving income.
($ 1 = $ 0.8834)
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