On 6 August 2019, the Board of Directors of UniCredit S.p.A. approved the 2Q19 Group’s consolidated financial accounts as of June 30, 2019.
Jean Pierre Mustier, Chief Executive Officer of UniCredit S.p.A., commenting on the 2Q19 Group results said:
“We delivered another solid set of results in the first half of 2019 in what was a tough macroeconomic environment. We remain confident in the underlying fundamentals of Italy and the wider Europe. UniCredit continues to successfully finance the real economy everywhere it operates. Our second quarter benefitted from resilient commercial dynamics and net positive exceptional items. Our adjusted net profit was 1.0 billion euro in the quarter, up 0.4 per cent whilst our stated profit was 1.9 billioneuro, up 81 per cent year on year. The adjustments include both positive and negative exceptional items, as we took a number of strategic decisions, such as the disposal of Fineco and the sale of Ocean Breeze.
For the full year we confirm our targets, including Group RoTE above 9 per cent and an adjusted net profit of 4.7 billion euro, on which a 30 per cent cash dividend pay-out will apply. In the prevailing environment with rates expected to be lower for much longer, we adjust our FY19 revenue guidance from 19.0 billion euro to 18.7 billion euro. In terms of Non Core gross NPEs they have been cut dramatically and will be closer to 10 billion euro at the end of 2019, well below our initial Transform 2019 target.
As we enter the very final stretch of Transform 2019, I am very proud of the UniCredit team who has already achieved or exceeded many of our original plan targets. Our achievements over the past three years provide a solid foundation for our next plan. We have made good progress on the four financial measures we announced last quarter to prepare for the new business strategy which we will present at our Capital Markets Day in December.
We continue to work hard as One Team, One UniCredit to ensure UniCredit remains a true pan-European winner.”
Additional media information:
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