The derby of the big ones Italian banks between Intesa Sanpaolo e Unicredit continues and promises sparks. Friday 30 July it's up to the CEO of Intesa Sanpaolo, Charles Messina, raise the curtain on the accounts for the first half of 2023 but the CEO of Unicredit, Andrea Orcell, is already celebrating his. Confirming two novelties that characterize this season: the first is the golden semester which distinguishes the financial statements of Italian banks thanks to the increase in the interest margin due to the rise in interest rates ECB, even if the sudden zeroing of the compulsory reserve remuneration is not good news, and the second is the Orcel effect on the accounts and performance of MY BAG of Unicredit after the gray years of Jean-Pierre Mustier.
While waiting for Intesa's half-year report, Unicredit's one speaks for itself: revenues increased by 24,9%, net profit by as much as 91,5% reaching 4,4 billion euros, dividends increased to 22 billion from 16 envisaged by the plan and the guidance improves. With these results, it is no surprise that Unicredit shares are the best in the Italian banking sector MY BAG, gains 77% since the beginning of the year and Orcel says that it has not yet expressed its full potential to the point that the bank in Piazza Gae Aulenti will focus even more on the buyback rather than on the m&a.
Now it's up to Intesa Sanpaolo to respond and this afternoon Carlo Messina won't fail to strike a blow.
