Ups FY net revenue guidance to over 23 bln eur (Il Sole 24 Ore Radiocor) - Milan, 24 Jul - Italian lender UniCredit said that in the second quarter net revenue rose 6% to 6.3 billion euros with 3.6 billion of net interest income, up 2%, 2.1 billion in fees, up 10%.

Fees were up 6.6% in the first half, or 8.6% when excluding the impact arising from the current account fee reduction in Italy and higher securitisation costs.

The lender raised its full year net revenue target to over 23 billion euros.

The return on tangible equity (RoTE) was 19.8%. Net profit rose 15.9% to 2.7 billion euros. The full year bottom line guidance is unchanged at over 8.5 billion euros.

The group confirmed its structurally low and less volatile Cost of Risk (CoR) at 1 basis point in the second quarter, booking 15 million of loan loss provisions. The full year CoR guidance remains unchanged at below 20 basis points.

The group continues to be a sector leader in capital generation, with 234 basis points of organically generated capital in the first half, or 6.7 billion euros, supporting the 5.2 billion euros accrued for distributions in the first semester, resulting in a CET1 ratio of 16.2%.

In line with UniCredit's unwavering commitment to shareholder value creation, the third and final tranche of 1.5 billion euros out of the total 2023 share buy-back of 5.6 billion is currently being executed.

UniCredit confirmed the 2024 interim distribution, which will be defined on October 23, 2024, after the completion of the necessary requirements. It envisages a distribution of circa 1.4 billion euros. It also confirmed the full year distribution guidance in line with 2023. On a calendar year basis, the 2024 distribution is expected at circa 10 billion euros.

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(RADIOCOR) 24-07-24 08:11:20 (0132) 5 NNNN