Italy's UniCredit on Wednesday sharply raised its financial targets for the year, after posting stronger-than- expected first-quarter earnings as revenues jumped.
A view of the UniCredit headquarters in Milan, Italy March 2, 2020. REUTERS/Yara Nardi/File PhotoCapital strengthens in Q1 helped by asset reductionon Wednesday sharply raised its financial targets for the year, after posting stronger-than- expected first-quarter earnings as revenues jumped.
The definition of profit under its guidance changed slightly, but the two numbers remain largely comparable, it said. Seeking to lift UniCredit's share price to trade in line with the bank's book value, CEO Andrea Orcel has embarked on one of Europe's most ambitious capital distribution plans. Core capital unexpectedly strengthened to 16.05% of risk-weighted assets , which it cut in the quarter by 3% helping to offset the use of capital for the share buyback.
Asked about a 1.6% decline in deposits in the quarter, Orcel told a media call the bank had such a strong liquidity position that it could afford to pursue profitability in managing its deposit base.
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