Unicredit archive the first semester with Net income of 2,1 billion, an increase of 15,3% compared to the same period of 2017. The change in profit is +4,1% compared to the profit for the first half of 2017 rectified, which excludes the impact of the sale of Pekao and the net result of Pekao and Pioneer (-310 million and +121 million respectively).
Just in second quarter theUseful was equal to one billion, with an annual growth of 8,3% (-13,3% against the second quarter of 2017 adjusted), slightly higher than the market consensus which stopped at 975 million.
Returning to semester, the revenues stood at 10,1 billion (-2,5%), with interest margin to 5,3 billion (-1,7%) e net commissions to 3,5 billion (+1,3%).
Down by 6,1% to 5,4 billion i operating costs, for a report cost/income dropped 2 basis points to 53,6%.
Il return on capital tangible is 8,7% and the bank confirms a 2019 target above 9%.
As for capital solidity, the Cet1 it is down 56 basis points from March to 12,51%.
Unicredit"confirms the targets for 2018 and 2019”, said the managing director of the institute, Jean Pierre Mustier during the conference call for the presentation of the results.
As for the coefficient Cet1, the target is reaffirmed between 12,3% and 12,6% in 2018 and above 12,5% in 2019.
The institute accelerates also it disposal of non-performing loans of the “non core” division (the group's “bad bank”): the new target for the current year is 19 billion from the current 22,2 billion, below the target of 19,2 billion initially set for 2019 (when a further drop to 14,9 billion is now expected).
Presenting the half-yearly data, Mustier said he was “very proud of the work and commitment of the team, which achieved solid results in the challenging market conditions of the second quarter. It's not time to celebrate yet, because we're halfway through a marathon and we're still working."
