2Q20 Underlying Net Profit of €0.5 bn; FY21 target of €3 to €3.5 bn confirmed
Very strong liquidity and capital position. 2Q20 CET1 MDA buffer fully loaded at 481 bps1, up 44 bps Q/Q, well above 200-250 bps target
FY20 Cost of Risk target confirmed at 100-120 bps with LLPs in coming quarters already factored in
On 5 August 2020, the Board of Directors of UniCredit S.p.A. (“UniCredit” or “the Group”) approved the consolidated First Half Financial Report as of 30 June 2020. Thanks to effective business continuity measures, accelerated digitalisation and strict cost discipline, the Group has been able to navigate the ongoing pandemic and is prepared to seize commercial opportunities to strengthen its client base and further support all its stakeholders.
The Group saw improved commercial performance in the latter stages of the period as most of its key markets emerged from lockdown. However, overall revenues were down in comparison with both 1Q20 and 2Q19 as the majority of the period was subject to Covid-19 related restrictions. This was partially offset by lower costs in the period. UniCredit will continue its conservative management approach, taking decisive actions to support value creation, combining a long-term focus with disciplined underwriting.
Thanks to its active balance sheet management, UniCredit enjoys a strong platform from which to grow its client franchises, underpinned by its fully agreed and provisioned Team 23 strategic plan.
Additional media information:
Ekaterina Ancheva, tel +359 (0) 2 9264 963, flbufsjob/bodifwbAvojdsfejuhspvq/ch
Beatris Nikolova, tel +359 (0) 2 9232 528, cfbusjt/ojlpmpwbAvojdsfejuhspvq/ch
Victoria Blajeva, tel +359 (0) 2 9264 993, wjlj/ebwjepwbAvojdsfejuhspvq/ch